Agenda item

Rebecca Smith, Assistant Head of Finance

The Assistant Head of Finance submitted a report and elaborated thereon.  The Treasury Management Outturn report was before the Committee for review prior to it being put to Cabinet and Council for noting in September together with any recommendations from this Committee.  She outlined the purpose of the Cabinet report and confirmed that no action would arise from it as the recommendations are for Cabinet and Council to note the outturn position.

In response to a question, the Assistant Head of Finance confirmed 16% of the overall investment portfolio was the average for the whole year, and not the specific year end balance.  When grants etc were received or major payments (e.g. salary runs) made there were high point and low points and the 16% is based on the average position.  The operational boundary was what they expected to happen when limits were set to borrow and the authorised limited provided leeway for any unexpected circumstances.  For example at a County Council if a school had burned down then this would be covered by the authorised limit.

The Committee were also invited to review the proposals for member training to assist with their responsibilities in relation to Treasury Management.

The Internal Auditor confirmed that the training that evening had been informative although it would have been helpful if they had time between the training and the meeting to review the report fully and any areas which needed to be challenged in light of the training.

The Chair suggested that the November and January training to be brought forward one meeting to enable this and that a ten-minute refresher be provided at the meeting where the reports themselves are considered.

Resolved:  

1.      That the report be noted.  

2.      That the November and January training to be brought forward one meeting to enable this and that a ten-minute refresher be provided at the meeting where the reports themselves are considered