A report from the Executive Director – Resources is attached. (Key decision – reference number 4992)

(Report No.127)

(7.30 – 7.35 pm)

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources (No.127) reviewing the activities of the Council’s Treasury Management function over the half year period ended 30 September 2019.

NOTED

1.    The key points highlighted in the report including the debt outstanding, average interest on total debt, interest earned on investments, and, investments and net borrowing.

2.    The economic background outlined in section 4 of the report.

3.    In line with other local authorities, Enfield had to borrow money for large scale capital programmes. The Council complied with treasury management indicators as set out in section 7 of the report.

4.    Outstanding loans were summarised in Table 1 in the report. Table 2 summarised loans made to LBE companies. Table 3 showed the investments held by the Council.

5.    The Council complied with the CIPFA Code of Practice and operated its activities within well-defined limits.

6.    There was no rescheduling of debt during the year, but the Council would continue to seek opportunities to re-structure debt, if viable.

7.    With other London Councils, Enfield had written to the government requesting restoration of the lower loan rate for housing and regeneration projects.

Alternative Options Considered:  None. This report was required to comply with the Council’s Treasury Management Policy statement, agreed by Council.

DECISION:  The Cabinet agreed to note the contents of the report.

RECOMMENDED TO COUNCIL to consider the 2019/20 Mid-Year Treasury position.

Reason:  To inform the Council of Treasury Management performance in the financial year 2019/20.

(Key decision – reference number 4992)