Agenda and minutes

Treasury Management Panel - Tuesday 24 July 2018 9.30 am

Venue: New Broad Street House, 35 New Broad Street London, Middlesex EC2M 1NH

No. Item


Apologies for Absence


An apology for absence was received from Councillor A R Lloyd (Observer).


Declarations of Interest

To receive declarations of interest from Members including the term of any Grants of Dispensation.


There were no declarations of interest.


Confirmation of the Unclassified and EXEMPT Minutes of the Panel's meeting held on 20 October 2017


In the absence of a quorum of Members at the Panel’s meeting held on 2 March 2018 it had not been possible to confirm either the Unclassified or EXEMPT Minutes of the Panel’s discussions held on 20 October 2017. 


Both documents were re-presented to the Panel for approval on 24 July 2018.




1.    That the Unclassified Minutes of the Panel’s meeting held on 20 October 2017 be confirmed as accurate;


2.    That the EXEMPT Minutes of the Panel’s meeting held on 20 October 2017 be confirmed as accurate.


Confirmation of the Note of discussions held by Panel Members present on 2 March 2018 pdf icon PDF 57 KB




1.    That the Note of discussions held by the Panel Members present on 2 March 2018 in the absence of a quorum, be confirmed as accurate.


Exclusion of the Press and Public




1.    That under Section 100A(4) of the Local Government Act 1972 (as amended), the Press and Public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of EXEMPT information.


Treasury Management Review


Members noted the content of the treasury management outturn report for 2017/18 and the investment activity up to 30th June 2018.


The Council’s advisers Arlingclose reported on the performance of the externally managed funds. 


There was a discussion about the new MHCLG guidance on Local Authority investment which has widened the definition of investments to include non-treasury investments, for example investment property portfolios.  The role of the treasury panel will therefore include scrutiny of these investments and the risks surrounding them.  All of the Council’s investment property are legacy properties which have been held for a number of years.  A list of these were presented to the panel.


Also under the revised Prudential Code is the requirement to present a Capital Strategy to full Council.  This will be a high level report which will include the prudential indicators and it will be presented to full Council in February 2019.


The Council’s HRA self-financing debt was discussed and it was hi-lighted that after the next repayment of borrowing in August 2018, the Council will have repaid one third of the original amount borrowed.  Plans for the repayment of the maturity loan in 2022 were considered.


Political risk with regards to investments was discussed, in particular Brexit.  The Council will be reviewing all of its investments and the possible impacts on them from Brexit.  If deemed necessary the Council may look to change the balance of its investment portfolio.