Agenda - pdf - Selby District Council
Agenda - pdf - Selby District Council Agenda - pdf - Selby District Council
endeavoured to secure some deposits generating returns above the budget estimate of 1.25%. These deposits have been placed for one year with mainly other local authorities and government backed banks. The budget monitoring for quarter 2 is forecasting that the Council will achieve an additional £13k on its interest income estimate of £247k giving £260k of which £226k would be allocated to the General Fund (an additional £11k) and £34k to the Housing Revenue Account (an additional £2k). 2.13 The average level of funds available for investment during the six months to September was £22.571m. Of which £18.814m was invested in fixed term deposits at an average of 1.28% and £3.757m was held in the Council’s immediate access deposit account at a rate of 0.5%. These funds were available on a temporary basis, and the level of funds available was mainly dependent on the timing of precept payments, receipt of grants and progress on the capital programme. The Council holds approximately £17.5m of core cash balances made up of earmarked reserves and capital receipts set aside to repay debt for investment purposes (i.e. funds available for more than one year). 2.14 The Council has a benchmark of its budget target of 1.25% to reflect performance investments. The average rate to September was 1.28% for fixed term deposits and 0.5% for the instant access account giving an overall average of 1.15% which is below benchmark. The overall average rate currently forecast for the year if investments continue as forecast is 1.245% (marginally below target). The Council’s cash flows are remaining healthy and this is enabling the forecast for the amount of interest earned to be above budget. 2.15 The impact of lower than forecast interest rates means that as investments mature and are reinvested the interest earned will be less. The forecast at the time that the budget was set was for interest rates to start to rise in September 2011, 1.00% by March 2012 and reach 2.00% by December 2012 this is now unlikely and the forecast has been revised to 0.75% by December 2012 and 1.75% by December 2013. The impact is that the interest rates currently on offer are averaging between 0.4% for overnight up to 1.66% for one year. 2.16 The Council is a member of the CIPFA Treasury Management benchmarking club, and data for the first three months of the year has been received. During this period the Council underperformed the club average of 1.18% with returns of 1.05%. Since then the lower rate investments have been replaced with higher rate deposits which will improve performance. Borrowing 2.17 It is a statutory duty for the Council to determine and keep under review its “Affordable Borrowing Limits”. The Council’s approved Prudential Indicators (affordable limits) were outlined in the Treasury Management 120
Strategy Statement (TMSS). A list of the limits is shown at Appendix B. Officers can confirm that the Prudential Indicators were not breached during the first six months of the year. 2.18 The TMSS indicated there was no need to take long term borrowing during 2011/12 to support the capital programme. In addition the Council has not required any temporary borrowing during the first six months of the year for cash flow purposes. The Council approved an Authorised Borrowing Limit of £23.0m (£20m debt and £3m Leases) and an Operational Borrowing Limit of £19.0m (£16m debt and £3m Leases) for 2011/12. The highest total gross amount of debt in the year to 30 September has not been more than £10.113m on any occasion. 2.19 In addition the TMSS indicated that the Council will be allocated around £54m of debt in respect of the reform of the HRA due to take effect in April 2012. 2.20 The borrowing required to support this debt will require the authorised and operational borrowing limits of the Council to be increased and approval for this will be requested from Councillors once the final debt settlement figure is confirmed. 2.21 The impact of the HRA reform will be reported to Councillors as further details are released from Department for Communities and Local Government (DCLG). 3. Legal/Financial Controls and other Policy matters 3.1 Legal Issues There are no legal issues as a result of this report. 3.2 Financial Issues There are no financial implications as a result of this report. However, the Executive Director (s151) and Lead Officer - Finance will, with advice from the Council’s advisor (Sector Treasury Services) look to maximise opportunities with the Council’s investment and borrowing position. 4. Conclusion 4.1 The impact of the economy, and the turmoil in the financial markets, is having an impact on the Council’s investment returns and will continue to do so for some while. 121
- Page 69 and 70: Jennifer Hubbard Jennifer Hubbard n
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- Page 73 and 74: Maureen Fernyhough Maureen Fernyhou
- Page 75 and 76: Mr Chris Vertigans Mr Chris Vertiga
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- Page 103 and 104: Core Management Accounts 2011-2012
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- Page 109 and 110: BUDGET EXCEPTIONS REPORT April 2011
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- Page 123 and 124: APPENDIX A Analysis of Deposits At
- Page 125 and 126: APPENDIX B (This figure includes th
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- Page 145 and 146: 4.0 Strategic Objectives Strategic
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- Page 149 and 150: Achieve Quest accreditation at Abbe
- Page 151 and 152: Mike Lyons Head of Service (Sport a
- Page 153 and 154: WIGAN LEISURE & CULTURE TRUST ANNUA
- Page 155 and 156: 3.0 2010/11 PERFORMANCE REPORT This
- Page 157 and 158: Visits to Tadcaster Leisure Centre
- Page 159 and 160: sustainable participation in physic
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- Page 163 and 164: 3.2 Customer Satisfaction and Compl
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Strategy Statement (TMSS). A list of the limits is shown at Appendix B.<br />
Officers can confirm that the Prudential Indicators were not breached<br />
during the first six months of the year.<br />
2.18 The TMSS indicated there was no need to take long term borrowing<br />
during 2011/12 to support the capital programme. In addition the<br />
<strong>Council</strong> has not required any temporary borrowing during the first six<br />
months of the year for cash flow purposes.<br />
The <strong>Council</strong> approved an Authorised Borrowing Limit of £23.0m (£20m<br />
debt and £3m Leases) and an Operational Borrowing Limit of £19.0m<br />
(£16m debt and £3m Leases) for 2011/12. The highest total gross<br />
amount of debt in the year to 30 September has not been more than<br />
£10.113m on any occasion.<br />
2.19 In addition the TMSS indicated that the <strong>Council</strong> will be allocated around<br />
£54m of debt in respect of the reform of the HRA due to take effect in<br />
April 2012.<br />
2.20 The borrowing required to support this debt will require the authorised<br />
and operational borrowing limits of the <strong>Council</strong> to be increased and<br />
approval for this will be requested from <strong>Council</strong>lors once the final debt<br />
settlement figure is confirmed.<br />
2.21 The impact of the HRA reform will be reported to <strong>Council</strong>lors as further<br />
details are released from Department for Communities and Local<br />
Government (DCLG).<br />
3. Legal/Financial Controls and other Policy matters<br />
3.1 Legal Issues<br />
There are no legal issues as a result of this report.<br />
3.2 Financial Issues<br />
There are no financial implications as a result of this report. However,<br />
the Executive Director (s151) and Lead Officer - Finance will, with<br />
advice from the <strong>Council</strong>’s advisor (Sector Treasury Services) look to<br />
maximise opportunities with the <strong>Council</strong>’s investment and borrowing<br />
position.<br />
4. Conclusion<br />
4.1 The impact of the economy, and the turmoil in the financial markets, is<br />
having an impact on the <strong>Council</strong>’s investment returns and will continue<br />
to do so for some while.<br />
121
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