Issue - meetings

Item CB 16/49 referred from Cabinet minutes of 29 June 2016

Item CB 16/49 referred from Cabinet minutes of 29 June 2016

RESOLVED:  That the recommendations at Minute CB 16/49 be approved.

The report of the Director of Finance and Transformation advised that a report detailing treasury management activity undertaken in April and May of the current financial year together with the treasury management outturn position for 2015/16 had been considered by the Audit Committee on 20 June 2016.  It was noted that investment income at year end for 2015/16 exceeded the revised estimate by £36,100 and income earned to the end of May 2016 was also £5,400 above 2016/17 budget expectations.

Following a commentary on the application of credit default swap data (market view of risk), approval was sought to enhance the existing flexibility afforded to officers when determining the appropriate duration for term deposits.

RECOMMENDED:  That

(1)       the action taken by officers in respect of treasury management activity for April and May 2016 be endorsed;

(2)        the 2015/16 outturn position be noted; and

(3)        the flexibility afforded to officers when determining the appropriate duration for term deposits be enhanced as outlined in paragraph 1.4.5 of the report.

*Referred to Council