Issue - meetings

(CSP: MEC)

Purpose: To inform Members of the treasury management activity and performance of the Council’s investments for the financial year 2015/16.

Resolved that the contents of the report be noted.

This decision is not subject to call in as:

·      Report is to note only

therefore it will be implemented immediately.

The Executive considered a report (Agenda Item 8) which provided information on treasury management activity and performance of the Council’s investments for the 2015/16 financial year.

Councillor Roger Croft referred to the good work conducted by the cross party Treasury Management Group to scrutinise and review the Council’s investments and borrowing, and to ensure that treasury activities continued in line with the approved Treasury Management Strategy.

The average level of funds invested by the Council in 2015/16 (net of short term borrowing) was £12.3m. The Council earned total interest on its investments of around 0.9%.

Councillor Croft added that a discount of £293k had been achieved on West Berkshire’s contributions to the Berkshire Pension Fund by paying contributions in advance.

Councillor Lee Dillon formed part of the cross party group and commented that the report gave a true reflection of treasury management activity for 2015/16. He felt that an area of work for the Treasury Management Group moving forward was the action that could be taken forward in terms of investment etc on a Berkshire wide basis. Councillor Croft agreed this would be a sensible approach.

Councillor Alan Macro referred to the fact that in general Council Tax was paid over ten months of the year, however residents had the option to spread payments over the full year and Councillor Macro queried whether this would aid cash flow and, if so, take up should be encouraged. Councillor Croft felt that the impact of this would be minimal but agreed that the Portfolio Holder for Finance would be asked to take this forward via the Treasury Management Group.

RESOLVED that the report be noted.

Reason for the decision: To inform Members of the treasury management activity and performance of the Council’s investments for the 2015/16 financial year.

Other options considered: None