Issue - meetings

This report updates the Executive Member and Advisory Panel on the Treasury Management performance for the period 1 April to 31 October 2008 compared against the budget presented to Council on 21 February 2008.

Advice of the Advisory Panel

That the Executive Member be advised:

(i)                 That the performance of the Treasury Management Activity be noted.

(ii)               That the projected underspend of £1.289m be noted.

(iii)             That the Treasury Management Team be congratulated on its prudence and exceptional performance in the current economic climate.

Decision of the Executive Member

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

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

Members considered a report updating them on the Treasury Management performance for the period 1 April to 31 October 2008 compared against the budget presented to Council on 21 February 2008. 

The report highlighted the economic environment for the first seven months of the 2008/09 financial year and in relation to this reviewed treasury management performance covering: short-term investments, long-term borrowing, Venture Fund and Treasury Management Budget.

Members were updated on the implications of the current economic conditions and Officers explained the significant debt restructuring that had taken place as outlined in the report.

It was noted that the delay in the capital programme in respect of the Admin Accommodation project had produced an underspend as borrowing had been delayed.  Discussion took place as to the advantages and disadvantages of borrowing in advance.

Members were updated on the situation in respect of the Club Loan.  Enfield Council had previously been reluctant to restructure the loan but had now indicated that they would be willing to do so.  In the present climate it was, however, unlikely that a third party would be willing to buy out the loan.

Advice of the Advisory Panel

That the Executive Member be advised:

(i)                 That the performance of the Treasury Management Activity be noted.

(ii)               That the projected underspend of £1.289m be noted.

(iii)             That the Treasury Management Team be congratulated on its prudence and exceptional performance in the current economic climate.

Decision of the Executive Member

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

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