Issue - meetings

This report provides an update on the Treasury Management performance for the period 1 April to 30 September 2009, compared against the budget presented to Council on 21 February 2009.

RESOLVED: That:

·        the performance of the treasury management activity

·        the general fund venture fund repayment holiday to assist in corporate budget savings and

·        the projected overspend of £529k on the treasury management budget

be noted.

REASON:      To ensure the continued performance of the Council’s Treasury Management function.

Members considered a report which provided an update on the Treasury Management performance for the period 1 April to 30 September 2009, as compared against the budget presented to Council on 21 February 2009.

The report highlighted the economic environment during the first six months of the current financial year and reviewed performance in relation to short term investments, long term borrowing, the Venture Fund and the Treasury Management Budget, against this background.  It also outlined the change in the budget to September 2009 and the forecast out-turn position for the year.

The position of the Venture Fund had not altered from that reported at Monitor 1.  Likewise the projected under-recovery of income on the Treasury Management budget remained at £529k, as reported at Monitor 1. However, the breakdown of under recovery had changed and was weighted towards an under recovery of income from interest received.

RESOLVED: That:

·        the performance of the treasury management activity

·        the general fund venture fund repayment holiday to assist in corporate budget savings and

·        the projected overspend of £529k on the treasury management budget

be noted.

REASON:      To ensure the continued performance of the Council’s Treasury Management function.