The Council considered a report that updates members on both the borrowing and investment decisions made by the Corporate Director, Resources under delegated authority in the context of prevailing economic conditions and considers the Council’s Treasury Management performance.

The Council considered a report that updates members on both the borrowing and investment decisions made by the Corporate Director, Resources under delegated authority in the context of prevailing economic conditions and considers the Council’s Treasury Management performance.

Mr Kevin Bartle, Interim Divisional Director for Finance, Procurement and Audit presented the Treasury Management Mid-Year report for 2019/20. Mr Bartle said the council’s investments were compliant in all areas and referred Members to paragraph 3.7 of the report which gave a breakdown on how the council’s investments were compliant with the CIPFA Code of practice and the Council’s Treasury Management Strategy Statement.

He said the investments made were reviewed with the Council’s advisors Arlingclose and as at the half year stage the investment portfolio had delivered 1.60% return outperforming the average for 12 London Boroughs and Metropolitan Borough return of 1.14%.

In response to questions from Members the following was noted.

·         In reference to the table at Appendix 1, page 293, it is difficult to see how the figures have been derived.

o   ACTION: Members suggested the format of the report should change to include more charts rather than a narrative.

The Committee RESOLVED to:

1.    Note the contents of the report on treasury management activities and performance against targets for the half year ending 30^th September 2019; and

2.    Note the Council’s investments as set out in Appendix 1. The balance outstanding as at 30^th September 2019 was £307.250m.