49 Treasury Management Half Year Report 2018/19 (Minute EXB 54 refers) PDF 135 KB
Executive Board considered the attached report.
RECOMMENDED: That Council adopt the updated Operational Boundary and Authorised Limits as detailed in paragraph 3.18 of the report.
Minutes:
The Council considered a report of the Operational Director, Finance, which provided an update on the Treasury Management Half Year Report 2018/19.
RESOLVED: That Council
1) adopts the updated Operational Boundary and Authorised Limits, as detailed in paragraph 3.18 of the report; and
2) notes the report.
54 Treasury Management Half Year Report 2018/19 PDF 135 KB
Minutes:
The Board considered a
report of the Operational Director, Finance, which updated Members on the
activities undertaken on the money market, as required by the Treasury
Management Policy.
The report provided
supporting information on the economic background, interest rate forecast,
short term borrowing rates, longer term borrowing rates, borrowing/investments,
budget monitoring, new long term borrowing, policy guidelines and treasury
management indicators. It was noted that no debt rescheduling had been
undertaken during the quarter.
One of the key Treasury
Indicators set by the Council as part of the Treasury Management Strategy was
the Operational Boundary (the limit beyond which external debt was normally
expected to exceed) and the Authorised Limit (the limit beyond which external
debt was prohibited). Due to the valuation of the Mersey Gateway Bridge being
required to be included during the preparation of the 2017/18 Statement of
Accounts, an additional £644m was added to the Council’s Capital Financing
Requirement. This represented the
capital element of the future Unitary Payments the Council were due to make
over the next thirty years, funded from toll income. It should be noted that this was a purely
accounting adjustment and did not reflect any additional borrowing over and
above what was already taken.
RESOLVED: That
1)
Council
be recommended to adopt the updated Operational Boundary and Authorised Limits
as detailed in paragraph 3.18 of the report; and
2)
the report be noted.