Agenda item
2010-11 Treasury Management Outturn Report, Update to 31 May 2011
Minutes:
The Committee considered a report of the Corporate Director (Resources), circulated with the agenda papers, which advised Members of treasury management activity for the financial year ended on 31st March 2011 as required by the Local Government Act 2003. The report detailed the treasury management outturn position based on the credit criteria adopted by the Corporate Director of Resources, the investment strategy for the financial year as approved by the Council and the investment returns. In accordance with the Code of Practice the report would also be submitted to the full Council meeting on 13th July.
OladapoShonola, Chief Financial Strategy Officer, introduced the report and highlighted a number of key points. The Council had complied with its legislative and regulatory requirements. The prudential and treasury management indicators detailing the impact of capital expenditure activities during the year were set out in the report. Borrowing was only undertaken for a capital purpose and the statutory borrowing limit was not breached.
In response to questions from Members the officers provided further information as follows:-
· Some slippage in the Capital Programme had occurred resulting in a lower Capital spend than estimated. The Capital Programme year-end report to be submitted to the Cabinet on 6th July would give further details of this. The forthcoming budget process would ensure that all schemes were subject to scrutiny to ensure that ongoing slippage from year to year was minimised.
In relation to the maturity structure of the debt portfolio as set out in the table at paragraph 8.2 of the report, Members sought further information on the basis on which the ‘limits’ shown were set, and how these related to the actual expenditure.
RESOLVED
That the contents of the report be noted.
8. OTHER BUSINESS
(a) References from the Council Meeting
The Chair stated that the Council meeting on 13th April 2011 had agreed to refer to the Committee a Member’s question regarding staff and contractors employed in the Mayor’s Office. He asked for an update on this matter.
MineshJani, Service Head Risk Management, reported that a protocol was being developed to determine how matters referred from the Council meeting would be dealt with and this would be reported to the next meeting alongside the item referred from the April Council meeting. It was important to ensure that items were considered by the relevant body and that the Committee was able to focus on its core duties.
The Chair asked that the draft protocol be circulated to Members of the Committee in the next two weeks, along with a briefing on the matters referred from the 13th April meeting.
(b) Executive decision making
The Chair reported that at the Cabinet meeting on 8th June 2011 it was stated that certain decisions would be taken by the Mayor under his Executive powers. He sought further information on these powers and the process for such decisions.
The Service Head, Democratic Services confirmed that the Mayor had authority to take Executive decisions including Key Decisions either at the Cabinet Meeting or outside the meeting. Any decisions taken under the latter procedure would be subject to publication on the Council’s website and potential call-in just as for a decision taken at the Cabinet Meeting. In the case of a Key Decision there was also a requirement for prior publication on the Forward Plan.
In relation to the specific matters mentioned at the Cabinet Meeting. The Corporate Director (Resources) advised that these were subject to ongoing discussions and had not yet been determined.
(c) Membership of the Audit Committee
The Chair asked for an update on the appointment of a Member to fill the vacant position on the Committee.
The Service Head, Democratic Services reported that the vacant position was to be filled by an ‘ungrouped’ (Independent) Councillor but that so far none of the Independent Councillors had expressed an interest in joining the Committee. He would remind the relevant Members of the vacancy and ask again for expressions of interest.
Supporting documents: