Issue - meetings

Officers stated that the report had been discussed at the Finance and Delivery Policy and Accountability Committee (PAC) in January.  The PAC was of the view that the property investment thoughts in paragraph 6.17 and 6.18 would not be appropriate for the Council to consider.  While the PAC were content for covered bonds as a principle, Members asked that officers come back with more detail around their structure and use before they are used as a treasury investment.

It was also reported that the CFR numbers in the report were out of date and they need to be tied up to the Capital Strategy report.

1.1         That approval be given to the future borrowing and investment strategies as outlined in this report and that the Executive Director of Finance and Corporate Governance be authorised to arrange the Council’s cash flow, borrowing and investments in 2015/16.

1.2         In relation to the Council’s overall borrowing for the financial year, to note the comments and the Prudential Indicators as set out in the report and the four year capital programme 2015/16 to 2018/19.

1.3         That approval be given to pay the Housing Revenue Account (HRA) investment income on unapplied HRA receipts and other HRA cash balances calculated at the average rate of interest (approximately 0.5% p.a.) earned on temporary investments with effect from 1 April 2014.