Issue - meetings
Annual Treasury Management Report
Meeting: 19/09/2012 - Executive (Item 16)
16 The Treasury Management Annual Report 2011/12 
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The purpose of this report is to summarise borrowing and investment activity and performance compared to prudential indicators during 2011/12. Executive is asked to recommend this report to Full Council for approval and will also be considered by the Audit Committee as part of the scrutiny function required under the 2009 Treasury Management Code of Practice issued by CIPFA.
Decision:
That Full Council be recommended to
(i) approve the Treasury Management Annual Report and Annual Investment Strategy Report;
(ii) note the outturn for prudential indicators;
(iii) note the updated position since 2011/12 .
Minutes:
The Lead Member for Finance and Corporate Resources, Councillor R Moher, introduced the report from the Director of Finance and Corporate Resources which summarised borrowing and investment activity and performance compared to prudential indicators during 2011/12. The report needed to be referred to Full Council for approval in accordance with best practice. Councillor Moher drew attention to the interest rates charged during the year which were relatively low due reflecting the low demand for credit and desire for security. On loans and investments, Councillor Moher referred to the repayment of £198m of PWLB (Public Works Loans Board) debt relating to the Housing Revenue Account which would allow the HRA to be self-financing in the long term while accruing interest. The council had also borrowed from the PWLB in 2011/12 at a low interest rate. Councillor Moher, summarised lending activity and made specific reference to the recovery of loans to Icelandic banks where almost the whole sum had been repaid, referred to developments in financial markets since the end of the year, efforts being made to identify low cost funding and the investment strategy and indicators.
RESOLVED:-
that Full Council be recommended to
(i) approve the Treasury Management Annual Report and Annual Investment Strategy Report;
(ii) note the outturn for prudential indicators;
(iii) note the updated position since 2011/12 .