Issue - meetings

The Council’s Principal Financial Accountant presented a report of the Interim Section 151 Officer on the treasury management activity mid-year review for 2019/20 to the end of September 2019.

It was reported that during the first six months of 2019/20 an average daily cash balance of £39.9M earned interest of £182K, a return of 0.91%.  The investment balances at the end of September was £44.6M.

Reference was made to the Public Works Loan Board increasing their rate by 1% in the margin of its lending rates above gilt yield.  It was appreciated that there were no implications to the Council’s medium-term financial strategy, but something to be aware of for the future.

Following an enquiry about the term investment with Chorley Borough Council, it was confirmed that this was on standard commercial terms and not on a preferential basis.

In response to an enquiry about how the funds from the two term investments that had matured would now be invested, the Principal Financial Accountant undertook to circulate this information outside the meeting.

RESOLVED (Unanimously):

That the report be noted.