Issue - meetings

Report by Service Director, Finance. 

Cllr John Brady, Cabinet Member for Finance, Performance and Risk presented a report on the Treasury Management Strategy for the first quarter of the year 2012-13.

The Council adopted a Treasury Management Strategy for 2012-13 at its meeting on 28 February 2012, incorporating Prudential Indicators (PrIs), Treasury Management Indicators (Trls) and an Annual Investment Strategy, in accordance with the Prudential Code for Capital Finance in Local Authorities (the Prudential Code).

This report reviewed management actions in relation to:

a)  the PrIs and Trls originally set for the year and the position at 30 June 2012;

b)other treasury management actions during the period; and

c)the agreed Annual Investment Strategy.

It was noted that in relation to the £12m investment caught up in the collapse of the Icelandic banks, the Council had received interim payments totalling around £8.1m. It was anticipated that the Council would over time, receive 95% of its deposit with Heritable Bank and 100% of its deposit in Landsbanki.

Cllr Brady explained that overall, the report was very positive and gave no cause for concern. He thanked the Treasury team for managing the Council’s finances so well.

Resolved:

That Cabinet note the contents of the report in line with the Treasury Management Strategy.

Reason for Decision:

The report is a requirement of the Council’s Treasury Management Strategy.