Issue - meetings

Resolved to recommend:

The acceptance of the report on Treasury Management performance in 2017/18 and the Prudential Indicators for 2017/18 actuals.

Decision

Resolved to recommend:

The acceptance of the report on Treasury Management performance in 2017/18 and the Prudential Indicators for 2017/18 actuals.

Corporate objectives

Optimising investment income for General Fund and Housing Revenue budgets whilst managing investment risk is fundamental to achieving the corporate objective of delivering and efficient and modern council.

Monitoring Officer/S.151 Officer comments

Monitoring Officer

No comments to add to the report.

Section 151 officer

This is a S151 Officer report

Advice

Councillor Elliot introduced the report to members and said that Local Government Regulations require that the Council produces an annual report on the previous year’s treasury performance, and confirming compliance with the Council’s approved treasury strategy. There are a number of technical tables and indicators within the report, but key headlines from the report are as follows:
Borrowing – The Council undertook no new borrowing within 2017/18 and continues to make annual repayments against existing borrowing which now stand at £18 million in the General Fund and £346 million in the HRA.
Investment – Over the course of 2017/18, interest rates remained low, as they have been for the past 10 years which has continued to suppress the Council’s investment returns. The council held average balances of £96.8 million throughout the year, and earned an average rate of return of 0.37%. the weighted average maturity for investments held by the Council at the end of the year was 162 days. Investment activity during the year conformed to the approved strategy and the Council had no liquidity difficulties.

Councillor Marshall referred to page 67 and asked if those investments are under one year.

Councillor Elliot said yes.

Councillor Birnie congratulated officers on a well-balanced and well-presented report.

Voting

None.