Issue - meetings

To consider a report of the Assistant Director (Finance).

Consideration was given to a report of the First Deputy (Performance and Finance) / Assistant Director (Finance) setting out the Treasury Management activities for the financial year 2016/17.  As investment rates were lower than external borrowing rates throughout the year, available cash reserves were used to fund internal borrowing on a temporary basis.  This resulted in lower than anticipated borrowing costs with an external interest saving of £6.691 million.  Investment returns were £0.803 million higher than estimated.

Details were also given of the following:-

• Debt;
• Interest Rates;
• Activities 2016/17;
  • Borrowing
  • Rescheduling
  • Year-end position
  • Investments – managing cash flow
  • Interest payable and receivable in the year;
• Current Activities;
• Greater Manchester Metropolitan Debt Administration Fund; and
• Prudential Limits.

RESOLVED

(i)        That the treasury management activities undertaken on behalf of both Tameside MBC and the Greater Manchester Metropolitan Debt Administration Fund (GMMDAF) be noted;

(ii)       The outturn position for the prudential indicators, as appended to the report, be approved; and

(iii)      That the counterparty limit for GMPF be increased from £50 million to £75 million.