Bridget Uku, Group Manager, Treasury and Investments, introduced this report which updated the Committee on the Council’s borrowing and investment activities for the quarter ending 30 June 2020.
Over the reporting period, all treasury management activities had been carried out within the confines of the approved limits. The report also provided information on the prevailing economic conditions over the reporting period.
In response to questions raised by the Committee with regard to investments with other Local Authorities, it was confirmed by Bridget Uku that:
- There was no real risk involved when investing in other Local Authorities.
- There was a statutory provision in place whereby the Authority that had provided the investment was paid back first.
- The current rates were low.
- The risk of short-term investments were lower than long-term.
RESOLVED:
That the Audit Committee:
i) noted the Treasury Management activities and performance against targets for the period to 30 June 2020.
ii) noted the Council’s investment balance of £236.700m as at 30 June 2020 of which £115.000m was invested in other Local Authorities (Appendix 1 of the report).