It was proposed by Councillor Yates, seconded by the Leader and Members agreed that the recommendation set out in the report be agreed, namely:
“That Council approves this report and annexes”
The council was required to operate a balanced budget, which involved cash being received and expended during the year. Part of the treasury management operation was to ensure that this cash flow was adequately planned, with cash being available when it was needed. It was expected that any surplus money would be invested in low risk counterparties or instruments commensurate with the council’s low risk position, providing adequate liquidity initially before considering investment return.
The second main function of the treasury management service was the funding of the council’s capital plans. These capital plans provided a guide to the borrowing need of the council, essentially the longer-term cash flow planning, to ensure that the council could meet its capital spending obligations.
Councillor Pugh and Councillor Dexter spoke under Council Procedure 20.1.
Councillor Yates proposed, Councillor Duckworth seconded and Members agreed the report & annexes and recommended to Full Council for final approval.