Issue - meetings

This report updates the Executive Member on Treasury Management performance for 2006/07 compared against the budget taken to Council on 01 March 2006.

Advice of the Advisory Panel

That the Executive Member be advised:

(i)                 That the 2006/07 performance of the Treasury Management activity, movements on the Venture Fund and the Treasury Management Outturn be noted;

(ii)               That the movements in the Prudential Indicators be noted;

(iii)             That the revised Treasury Management Policy and Practices statement as set out in Annexes E and F be approved

Decision of the Executive Member

RESOLVED:             That the advice of the Advisory Panel be accepted and endorsed.

REASON:                  In order to comply with the CIPFA Treasury Management in Public Services Code of Practice.

Members considered a report which updated the Executive Member on Treasury Management performance for 2006/07 compared against the budget taken to Council on 01 March 2006.

Treasury Management activity was contained within the Corporate Budget, which was approved prior to outturn at £6,740k for 2006/07. The outturn was £6,280k, this results in an under spend of £460k which had been reported as part of the overall outturn report in June.

The Treasury Management in the Public Services Code of Practice recommended that Local Authorities annually review and update where necessary their Treasury Management Policy Statement and Practices. These updated documents were attached in Annex E and F. The Executive Member was requested to approve the adoption of the revised Treasury Management Policy and Practices set out in Annexes E and F, as required by CIPFA in its Treasury Management in the Public Services Code of Practice. Adopting the Policy and Practices and approval by an Executive Member was recognised as best practice and failure to adopt could result in an adverse Comprehensive Performance Assessment (CPA) score.

Members highlighted that it would be useful to have the absolute figures, with percentages, regarding the level of borrowing.

Advice of the Advisory Panel

That the Executive Member be advised:

(i)                 That the 2006/07 performance of the Treasury Management activity, movements on the Venture Fund and the Treasury Management Outturn be noted;

(ii)               That the movements in the Prudential Indicators be noted;

(iii)             That the revised Treasury Management Policy and Practices statement as set out in Annexes E and F be approved.

Decision of the Executive Member

RESOLVED:             That the advice of the Advisory Panel be accepted and endorsed.

REASON:                  In order to comply with the CIPFA Treasury Management in Public Services Code of Practice.