Issue - meetings

Councillor A.C. Harman

To receive a report on the half yearly Treasury Management position.

Cabinet considered the half yearly report on the Treasury Management Strategy for 2019-20.

The report outlined the treasury activity during the half year and the associated monitoring and control of risks. 

At 30 September 2019 the Council’s total borrowing was £1,050m, a small decrease of £3m from the beginning of the financial year.   

The Council’s investment portfolio totalled £89m, with £53m of this being short-term and cash funds.  The pooled fund investments for the period to the end of September was £817k, with an annualised revenue return of £1.54m (4.8%).

Resolved to note the treasury position for the first six months of 2019-20 and the financial environment in global markets.

To note the Treasury Management half yearly position.

Members of the Committee had been requested to submit questions regarding the Treasury Management half-yearly report for 2019-20 in advance of the meeting.  The questions and responses were circulated in advance of the meeting and are attached to these minutes.

It was requested that the timing of financial reports are considered when planning the programme of meetings in order that the reports are brought before the Committee within an appropriate timescale.

It was agreed to provide further detail in writing to the Committee after the meeting regarding:

1.    The movement in long and short term borrowing shown in Table 2 of the report.

2.    Information about how Knowle Green Estates Ltd investment would appear in the capital expenditure summary (Table 1 of the report).

The Chief Finance Officer offered to discuss separately individual concerns about the methodology used to calculate the dividend yield.

Resolved to note the report, subject to some concern about the values in the report.  The Chief Finance Officer will report back to the Committee on the above points.