Issue - decisions

Matter for Decision

The Council was required by regulations issued under the Local Government Act 2003, to produce an annual treasury report reviewing treasury management activities and the actual prudential and treasury indicators for each financial year.

Decision of Executive Councillor for Finance and Resources

     i.        Recommended the report to Council, which included the Council’s actual Prudential and Treasury Indicators for 2015/16.

Reason for the Decision

As set out in the Officer’s report.

Any Alternative Options Considered and Rejected

Not applicable.

Scrutiny Considerations

The Committee received a report from the Head of Finance and the Council’s s151 Officer.

The Committee made the following comments in response to the report:

     i.        Asked whether the Council had taken any advice following the EU referendum result regarding counterparty risk and asked if the Council had a strategy for managing volatility or if the Council was evolving a strategy.

The Head of Finance and s151 Officer said the following in response to Members’ questions:

     i.        The Council followed the advice of Capita which was updated on a daily basis. The Council did not invest in the equity of business and all money was on deposit. Advice indicated that the banks were in a better position now than they were pre-2008. There was still a lot that was unknown following the EU referendum; a set of recommendations had been presented. The Council would work to the savings targets that it had to make.

The Committee resolved by 4 votes to 0 to endorse the recommendation.

The Executive Councillor approved the recommendation.

Conflicts of Interest Declared by the Executive Councillor (and any Dispensations Granted)

No conflicts of interest were declared by the Executive Councillor.

Matter for Decision

The Council was required by regulations issued under the Local Government Act 2003, to produce an annual treasury report reviewing treasury management activities and the actual prudential and treasury indicators for each financial year.

Decision of Executive Councillor for Finance and Resources

     i.        Recommended the report to Council, which included the Council’s actual Prudential and Treasury Indicators for 2015/16.

Reason for the Decision

As set out in the Officer’s report.

Any Alternative Options Considered and Rejected

Not applicable.

Scrutiny Considerations

The Committee received a report from the Head of Finance and the Council’s s151 Officer.

The Committee made the following comments in response to the report:

     i.        Asked whether the Council had taken any advice following the EU referendum result regarding counterparty risk and asked if the Council had a strategy for managing volatility or if the Council was evolving a strategy.

The Head of Finance and s151 Officer said the following in response to Members’ questions:

     i.        The Council followed the advice of Capita which was updated on a daily basis. The Council did not invest in the equity of business and all money was on deposit. Advice indicated that the banks were in a better position now than they were pre-2008. There was still a lot that was unknown following the EU referendum; a set of recommendations had been presented. The Council would work to the savings targets that it had to make.

The Committee resolved by 4 votes to 0 to endorse the recommendation.

The Executive Councillor approved the recommendation.

Conflicts of Interest Declared by the Executive Councillor (and any Dispensations Granted)

No conflicts of interest were declared by the Executive Councillor.