Issue - meetings
Treasury Management Annual Report 2013/14 and 2014/15 Quarter 1 Update
Meeting: 16/07/2014 - Audit Committee (Item 21)
21 Treasury Management Annual Report 2013/14 and 2014/15 Quarter 1 Update PDF 39 KB
Additional documents:
- Enc. 1 for Treasury Management Annual Report 2013/14 and 2014/15 Update, item 21 PDF 14 KB
- Enc. 2 for Treasury Management Annual Report 2013/14 and 2014/15 Update, item 21 PDF 129 KB
- Enc. 3 for Treasury Management Annual Report 2013/14 and 2014/15 Update, item 21 PDF 18 KB
- Enc. 4 for Treasury Management Annual Report 2013/14 and 2014/15 Update, item 21 PDF 16 KB
Decision:
That the report be noted.
Minutes:
The Finance Manager - Technical Accountancy presented the Annual Report on the Council’s Treasury Management Policy, Strategy and Practices 2013/14 together with an update on Treasury Management activity in 2014/15 to the end of June 2014.
On the Annual Report for 2013/14, a summary of the key points provided information on the economic position during the year and the impact it had on the investments made by the Council. No new borrowing had taken place during the year. An update at Quarter 1 reported no new borrowing and on investments, there had been a reduction in the number of counterparties used by the Council between February and June 2014 with yield and the total amount invested roughly the same. The Finance Manager - Technical Accountancy advised of an investment masterclass which she and a member of the team had recently attended, to obtain information on the range of financial products available to Local Authority investors.
Councillor Haydn Bateman welcomed the reduction in counterparties and asked for clarification on the investment limit. The Finance Manager - Technical Accountancy explained that the 2013/14 policy allowed for a maximum limit of £5m investment per counterparty for those with a minimum rating of A- whilst the 2014/15 policy stated a maximum limit of £7m. She went on to say that a further increase would not be recommended at this time and that a prudent approach was being taken in diversification to spread the default risk across a wider range of counterparties.
RESOLVED:
That the report be noted.