Issue - meetings

This report provides information on the Council’s debt, borrowing and investment activity for the financial year ending 31^st March 2010.

Pat Gough, Assistant Director of Finance, introduced the report, which set out the annual outturn for the 2009/10 financial year, setting out levels of debt and investment at the end of that year; the report would be received by the next meeting of Council. She drew the Committee’s attention to key aspects of the report, including the timing of borrowing from the Public Works Loan Board, and the breakdown of the Council’s debt maturity, as set out in table 6.2 of the report.

In response to a question from Councillor Ginn, she said that the Council borrowed in the long-term to meet the short-term costs of its Capital Programme. The Council sought to time its borrowing so as to best achieve the low rates of interest.

RESOLVED THAT

The report be noted.