Treasury Management Activity 2018/19
Decision status: Recommendations approved
Is Key decision?: No
This item was brought forward with the agreement of the Chair.
Mike Jensen, Director of Investment, presented a report which provided a review of treasury management activity from October to December 2018, including a summary of: economic conditions, borrowing, investments and results measured against treasury management indicators.
The committee's attention was drawn to the following areas of the report:
· The investment activity detailed investments as of 31 December, not 30 September as stated in the report.
· The council had taken advantage of favourable terms to repay the Lender Option Borrower Option (LOBO) loan, reducing the overall level of debt.
· Good progress had been made with regard to treasury management in line with the strategy to follow the lowest credit risk position.
· There may be a potential change to the UK's credit profile dependent on the outcome of the Brexit negotiations.
· The Chair commented that the figures in the report were relevant to the information received in the recent treasury management training session attended by members of the committee.
Thanks were expressed to the Financial Services team for work resulting in the forecast for net financing expenditure for 2018/19 being £21m lower than budget for the end of the financial year.
Resolved: That the report now presented be noted.
Report author: Paul Dobson
Date of decision: 28/01/2019
Decided at meeting: 28/01/2019 - Audit, Risk and Governance Committee