Issue - meetings

Further to Minute 94 (19 February 2018), the Cabinet Member for Finance, Performance and Core Services presented the mid-year progress report in respect of the Council’s treasury management activities.

The report included details of the Council’s cash, interest budget and debt positions as at 30 September 2018, as well as a summary of the performance of the investment portfolio.  The Cabinet Member explained that the Council’s plans for growth and improved outcomes for local people were reliant on the success of the Council’s Investment and Acquisition Strategy, which was underpinned by the Council’s treasury management activities. 

The Cabinet Member also advised on the approach to risk management and debt repayments.  With regard to the Council’s redevelopment projects that had been funded from borrowing, Cabinet Members were pleased to note that the completed schemes at Abbey Road and Gascoigne Phase 1 (Weavers) were now generating sufficient income to cover all associated borrowing and maintenance / running costs, as well as providing a surplus income stream for the Council.

The Cabinet resolved to recommend the Assembly to:

(i)  Approve the revised 2018/19 Minimum Revenue Provision at Appendix 1 to the report;

(ii)  Note the Treasury Management Strategy Statement Mid-Year Review 2018/19;

(iii)  Note that in the first half of the 2018/19 financial year the Council complied with all 2018/19 treasury management indicators;

(iv)  Note that the value of investments, as at 30 September 2018, totalled £300.2m;

(v)  Note that the value of long-term borrowing, as at 30 September 2018, totalled £612.0m, which comprised market, Public Works Loan Board, Local Authority and European Investment Bank loans;

(vi)  Note that the value of short-term borrowing, as at 30 September 2018, totalled £144.7m; and

(vii)  Note the increased resources made available through the finance restructure to monitor the Council’s Investment and Acquisition Strategy’s funding requirement and cashflow monitoring requirements.