Issue - meetings

To receive a report from the Executive Director of Resources presenting the Council’s Annual Treasury Management Report for 2017 -18 in accordance with Treasury Management Practices. 

It is a regulatory requirement for Council to receive this report by 30 September each year.                                                               (Report No: 25)

                                                          (Key decision reference number: 4527)

Councillor Maguire moved and Councillor Levy seconded a report of the Executive Director of Resources on the Annual Treasury Management Outturn 2017/18.  (Report No:  25)

NOTED

1.               This was a statutory requirement, detailing how much the Council had spent, from where, interest paid and investments made over the past year. 

2.               It reflected the excellent work of James Rolfe and Fay Hammond in their stewardship of the Council’s finances.

3.               The concern of opposition members about the significant increase in the amount of borrowing that had taken place over the past 8 years of past Labour administrations.  Concern about the increase in interest payable to service the borrowing.  Concern about the viability of projects such as the Lee Valley Heat Network and the Meridian Water Station which were being funded with borrowed money. 

4.               The response from the majority group that borrowing was not a crime, but an investment in the future.  It was sensible to borrow to invest when money was cheap.  Enfield has invested in the local economy to create jobs and provide homes for local people. 

5.               The need to acknowledge that all Councils were facing financial problems as a result of the Government’s austerity agenda.  Several Conservative Councils were in crisis including Northamptonshire, Surrey, Somerset and Norfolk.  In contrast Labour Council’s such as Enfield were very well run. 

6.               Concern that net borrowing had increased from £258m to £683m in 17-18 an increase of 165% and a fear that this was unsustainable.  Interest payments had also increased to £12.5m a year which meant less money for front line services. 

7.               Concern about the Housing Gateway Project and the view that the money would have been better spent on building new homes, rather than buying up existing homes.

8.               The response that Housing Gateway had been a great success and had enabled the Council to house hundreds of families and to save £2.5m.  The project had also attracted a lot of attention from other local authorities, seeking to copy it. 

9.               The Council had also invested in successful projects such as Energetik, helping to fight fuel poverty, the redevelopment of Ponders End, the Ladderswood Estate and in Meridian Water which would bring much needed jobs for Enfield. 

AGREED that Council approve the 2017/18 Treasury Outturn Report.