Issue - meetings

To receive a report containing the Treasury Management Outturn 2017-18 as recommended by the Executive.

RECOMMENDATION Council is recommended to approve:

1)        the Treasury Management Annual Report for 2017/18; and

2)        the actual 2017/18 prudential indicators within the report.

The Council considered a report, set out at Agenda pages 107 to 134, which gave details of the Council’s Treasury Management operations during 2017/18.

The report stated that the Council had successfully implemented all the agreed prudential indicators during the year. This reflected sound management of the Council’s finances in a challenging environment.

The Executive had considered the report at its meeting on 26 July 2018 and had recommended to Council that the Annual Report for 2017/18 and the actual 2017/18 prudential indicators, set out in the report, be approved.

Lindsay Ferris stated that his Group had serious concerns about the level of debt incurred by the Council and the cost of funding that debt. Consequently, his Group would vote against the recommendations in the report.

It was proposed by Charlotte Haitham Taylor and seconded by Anthony Pollock that the recommendations in the report be agreed.

Prior to a vote being held, six Members, in accordance with Rule of Procedure 4.2.15.5, requested that a recorded vote be taken on the recommendations in the report.

On being put to the vote it was:

RESOLVED That:

1)     The Treasury Management Annual Report for 2017/18 be approved;

2)     The actual 2017/18 Prudential Indicators, set out in the report, be approved.

The voting was as follows:

That:

1)        it be noted that the report was presented to the Audit Committee on 6 June 2018;

2)         the following be recommended to Council for approval:

            (a)       the Treasury Management Annual Report for 2017/18; and

            (b)       the actual 2017/18 prudential indicators within the report.

The Executive considered a report relating to the Treasury Management Outturn for 2017-18 which showed that the Council had successfully adhered to all agreed prudential indicators in that year.

The Executive Member for Finance reminded Members that the Council had internal and external treasury management teams and between them they had achieved during the last financial year an average investment return rate of 1.68% which when considering that the average return from external financial institutions was 0.21% was very pleasing.

Councillor Pollock was pleased to note that no new external borrowing had been taken.

RESOLVED that:

1)        it be noted that the report was presented to the Audit Committee on 6 June 2018;

2)         the following be recommended to Council for approval:

            (a)       the Treasury Management Annual Report for 2017/18; and

            (b)       the actual 2017/18 prudential indicators within the report.