Issue - meetings

This reports updates the Executive Member on Treasury Management performance for 2007/08 compared against the budget taken to Council on 21 February 2007.

Advice of the Advisory Panel

That the Executive Member be advised:

(i)                 That the 2007/08 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 officers be congratulated for the achievements made in Treasury Management;

(iv)              That the proposed policy on the Minimum Revenue Provision as set out at Annex E and Paragraphs 29 to 32 be adopted.

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 and the CIPFA Prudential Code.

Members considered a report which updated the Executive Member on Treasury Management performance for 2007/08 compared against the budget taken to Council on 21 February 2007.

The report summarised the economic environment over the 2007/08 financial year and reviewed treasury management performance in the following areas:

·        Borrowing,

·        Investments,

·        The Venture Fund,

·        Treasury Management Outturn and

·        The Prudential Indicators.

Members queried as to why there was such a large underspend. Officers reported that there would be an underspend in Resources of £3.8m and this was due to a large number of carry forwards where funding had been committed to projects not yet completed.

Advice of the Advisory Panel

That the Executive Member be advised:

(i)                 That the 2007/08 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 officers be congratulated for the achievements made in Treasury Management;

(iv)              That the proposed policy on the Minimum Revenue Provision as set out at Annex E and Paragraphs 29 to 32 be adopted.¹

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 and the CIPFA Prudential Code.