Agenda item

Report of Director of Finance and Support (Copy herewith)

Cabinet recommended to Council that they note the Council’s treasury management performance in 2010-11.

Councillor Bottwood, as the relevant Portfolio Holder, submitted a report, which he explained, was the Treasury Management Outturn for the year ending 31 March 2011. It was noted that the Audit Committee had made no comments other than to congratulate officers on the treasury management performance. He reported that long term borrowing stood at £32 million against the affordable borrowing limit of £50 million. With regards to investments, it was noted that there had been high prescribed investment and noted that there was a potential to sharing services with other authorities in this area. It was further noted that £1,117K backdated interest on a refund from Her Majesty’s Revenues and Customs, on overpaid VAT in previous years had been received by the Council.

The Director of Finance and Support commented that she would start to research the possibility of working with other Local Authorities in developing a shared service

The Chairman reported that in the last 4 years, the Council’s Treasury Management had been a leader in its field and congratulated the finance department on their excellent work.

RESOLVED:

That Council note the treasury management performance in 2010-11.