Issue - meetings

Executive Board considered a report of the Operational Director, Finance, on the Treasury Management 2013/14 Mid Year Review.

RECOMMENDED: That Council approve the revised Prudential Indicators and Counterparty List, as set out in Appendices 1 and 2 respectively.

          Executive Board had considered a report of the Operational Director, Finance, which provided an update about activities undertaken at the mid-year point of the 2013/14 Treasury Management Policy.

          RESOLVED: That Council approve the revised Prudential Indicators and Countrparty List, as set out in Appendix 1 and 2 respectively.

The Board considered a report of the Operational Director, Finance, which reviewed activities on Treasury Management for the mid-year point 2013/14 in accordance with the Council’s Treasury Management Policy.

The mid-year report had been completed in compliance with CIPFA’s Code of Practice and covered the following:

- An economic update for the first six months of 2013/14;

- A review of the Treasury Management Strategy Statement and Annual Investment Strategy;

- The Council’s Capital expenditure (prudential indicators);

- A review of the Council’s investment portfolio for 2013/14;

- A review of the Council’s borrowing strategy for 2013/14;

- A review of any debt rescheduling undertaken during 2013/14;

- A review of compliance with Treasury and Prudential Limits for 2013/14.

The Board noted that the Council was required to prepare prudential indicators and to report on any significant variations, as part of the Council’s on-going requirement to report on the current capital position. Details of these indicators were attached to the report at Appendix 1. The report also provided details of the investment and new borrowing portfolio. It was further noted that the Department for Transport had indicated that it may pay a substantial capital grant to the Council during the latter months of 2013/14. In view of this, the counterparty limits for two banks had been increased and Appendix 2 provided details of the revised counterparty list.

RESOLVED: That the report be noted and Council be recommended to approve the revised Prudential Indicators and Counterparty List, as set out in Appendices 1 and 2 respectively.