Issue - meetings

Report FSD19103

The Committee considered a summary of treasury management activity during the second quarter of 2019/20. The report also included a Mid-Year Review of the Treasury Management Strategy Statement and Annual Investment Strategy and ensured that the Council was implementing best practice in accordance with the CIPFA Code of Practice for Treasury Management.  Investments as at 30^th September 2019 totalled £346m and there was no outstanding external borrowing.  For information and comparison, the balance of investments stood at £331.8m as at 30^th June 2019, £311.6m as at 31^st March 2019, and, at the time of writing the report (11^th November 2019) it stood at £365.7m.

Members were advised that the budgeted income was £3.3m and the report referred to additional income of £500k projected for the current year.

In regard to paragraph 3.4.5, Councillor Mellor congratulated the Director of Finance on the recovery of £4,985k (leaving a balance of just 2%), following the administration of the Heritable Bank. 

The Project Beckenham Loan continued to generate income at a rate of 6%.  However, the property was now vacant and the developer had repaid £1m with £1.3m still outstanding.

RESOLVED: That the Portfolio Holder be recommended to:-

1.  note the Treasury Management performance for the second quarter of 2019/20; and

2.  recommend that Council approves the 2019/20 prudential indicators as set out in Annex B1.