Issue - meetings

The Committee was reminded that the Council had formally adopted the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management (2011) and remained fully compliant with its requirements.

One of the primary requirements of the Code was:

Receipt by Council of an annual strategy report (including the annual investment strategy report) for the year ahead, a mid-year review report an annual review report of the previous year.

The Mid-Year review report had been prepared in compliance with CIPFA’s Code of Practice, and covered the following:

·        A review of the Treasury Management Strategy;

·        The Council’s capital expenditure (prudential indicators);

·        An economic update for the first six months of 2016/2017 – Appendix 5;

It was agreed that the Committee still wished to receive Appendix 5.

The Group Accountant/Assistant Director responded to questions relating to:

·        Borrowing – it was explained that during the period where the Council did not collect Council Tax (February and March) there was less cashflow, therefore the Council would take out short term borrowing to cover that period.

·        Could the Council Tax payments be spread out over 12 months rather than 10.  It was explained that there was an option for Council Tax to be paid over 12 months but over a 10 month period this enabled all of the Council Tax to be collected 2 months before the year end.  It was further explained that when collecting Council Tax the Borough Council was holding balances for Norfolk County Council and the Police Authority, therefore the Council’s day to day balances were much higher.

·        It was explained that the Council was currently preparing a Capital and Investment Strategy, which would be presented to Cabinet in January 2017.  The Internal Property Strategy was also being updated.

·        Could the mechanism of reporting balances be regularised.  It was explained that it was prescribed that Council’s statements were prepared in that way and was standard practice across all local authorities.

·        Page 44 – there was no end date for the NWES investment. 

·        Page 44 – there was no end date for Gaywood Community Centre. 

RESOLVED:   That, the Committee reviewed the report and the treasury activity.