Decision - Treasury Management Policy Statement 2012/13 - End of year review
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Decision details
Treasury Management Policy Statement 2012/13 - End of year review
Decision Maker: Policy & Resources Committee (pre 2015)
Decision status: Recommendations approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
The report summarises the treasury management
activity during the year 2012/13 including borrowing and investment
performance measured against set benchmarks and limits agreed by
the council under the prudential indicators.
Decisions:
33.1 The Committee considered a report of the Executive Director of Finance & Resources in relation to Treasury Management Policy Statement 2012/13 – end of year review. In line with good practice the report set out the treasury management actions during the second half of the year for Members to review and endorse. The report also summarised the position at the end of the year and set out performance against key indicators.
33.2 Councillor Ann Norman expressed concern in relation to the reduction in credit rating of the Co-op Bank; particularly that the majority of bond holders would need to disband or agree to raise the necessary capital. In response the Head of Strategic Finance & Procurement, Mark Ireland, explained that the view would not be known until October following a meeting. In the interim it was clarified that there would be no further investment in the Co-op as it had fallen below the authority’s investment grade; however, they would still hold small sums of money as they provided the Council’s banking service.
33.3 Councillor Sykes asked what the Council could do to maximise return on investment, and in response the Head of Strategic Finance & Procurement explained that Officers had considered this, but the historic position was to be extremely cautious. Without increasing the level of risk this would be quite difficult, but the work of this would be reported in a half year report.
33.4 RESOLVED – That the Committee note the report to the Policy & Resources Committee on 11 July 2013 and the subsequent recommendations and resolution.
Report author: Mark Ireland
Publication date: 13/02/2014
Date of decision: 24/09/2013
Decided at meeting: 24/09/2013 - Audit & Standards Committee
Accompanying Documents:
- Treasury Management Coveringreport PDF 56 KB View as HTML (1) 59 KB
- Treasury Management Policy Statement Extract for Audit & Standards PDF 54 KB View as HTML (2) 67 KB
- Treasury Management Policy Statement 2012/13 - End of year review PDF 84 KB View as HTML (3) 106 KB
- Enc. 1 for Treasury Management Policy Statement 2012/13 - End of year review PDF 74 KB View as HTML (4) 88 KB
- Enc. 2 for Treasury Management Policy Statement 2012/13 - End of year review PDF 107 KB View as HTML (5) 174 KB