Decision details

Treasury Management Annual Report 2018-19 EXE19-016

Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To receive the Annual Treasury Management Report.

Decisions:

The Executive received a report on Treasury Management performance for 2018-19 in accordance with the Council’s policy on Treasury Management.  Discussion ensued on the Council’s borrowing and its use of 50 year annuity loans.  Councillor Azad, Portfolio Holder for Financial Services, explained that long term borrowing was appropriate for the vast majority of the Council’s capital spend, for example property and land acquisitions, as such assets tended to have 50 year lives.  The Executive noted that short term borrowing was used for items such as ICT expenditure.  It was highlighted that the Council’s average interest rate for borrowing had been impacted by the level of short term borrowing, however there had been a move towards locking in long term borrowing at favourable rates during 2018/19.

Following a question regarding Victoria Square, Officers advised that the financial model would be re-run in the coming months.  The Executive was informed that Officers tracked the rates of borrowing in relation to Victoria Square and the average rate was 2.52% which compared favourably to the parameters within which the scheme was modelled.

The Executive welcomed the report and noted the Council’s net assets.

RESOLVED

That the annual report on Treasury Management performance for 2018/19 be received, and the compliance with the Council’s approved arrangements be noted.

Reason:   To receive the annual report on Treasury Management performance for 2018/19 in accordance with the Council’s policy on Treasury Management.

Report author: Julie Rowling

Publication date: 09/07/2019

Date of decision: 27/06/2019

Decided at meeting: 27/06/2019 - Executive

Effective from: 13/07/2019

Accompanying Documents: