Issue - meetings

To consider a report of the Director of Finance.

The Deputy Executive Leader / Director of Finance submitted a report setting out the Treasury Management activities for the financial year 2017/18.  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 overall interest saving of £0.404 million.  At year-end the total investment balance was £127 million and total long term borrowing was £112 million.  Investment income was £1.521 million.

Details were also given of the following:-

• Long term borrowing;
• Interest Rates;
• Activities 2017/18;
  • 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; and

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