Issue - meetings
Treasury Management Quarterly Update Report (April 2017 - June 2017)
Meeting: 27/09/2017 - Audit Committee (Item 4)
4 Treasury Management Quarterly Update Report (April 2017 - June 2017) PDF 343 KB
Minutes:
Kevin Miles, Chief Accountant Corporate Finance presented the Treasury Management Quarterly Update Report (April 2017 to June 2017).
He informed Members the report advised on the Council’s borrowing and investment activities for the quarter and provided a summary of the Prudential and Treasury indicators as well as a summary on the credit criteria. The report also provided information on the projected investment returns.
In particular, Kevin Miles referred Members to point 1.1 and said the Council was working with its new Treasury Management Consultants – Arlingclose to ensure the Council achieved the optimum returns for its investments.
In addition Mr Miles referred Members to point 3.8 stating Local Authorities must be classified as ‘retail clients’ unless they have opted up by firms to an ‘elective professional client’ status.
Members of the Committee asked the following questions:
· In reference Page 3, point 3.3.3 the General Election took place in June 2017 and this needs to be updated.
· In reference to Page 6, point 3.4.13 why are equity funds being considered? Members thought the Council was moving away from equity funds.
The Audit Committee NOTED the recommendation to
1. Note the contents of the treasury management activities and performance targets for the quarter ending 30th June 2017;
2. Note the Council’s outstanding investments which are an outstanding balance of £501.9m at 30th June 2017 which includes £50m, pension fund cash awaiting investment (appendix 2)
3. Note the potential impact on the Council of becoming a retail client with effect from 3rd January 2018 as set out at section 3.8; and
4. Note the protections available to retail clients that the Council will forgo as a result of opting up to professional client (appendix 4).