The Director of Finance submitted a report which presented a review of Treasury Management activities during the first quarter of 2011/12 and confirmed compliance with treasury limits and prudential indicators. It had been prepared in accordance with the revised CIPFA Treasury Management Code and the revised Prudential Code.

The Director responded to comments from Members and informed the Committee that the Treasury Management Team had daily discussions with banks and received daily forecasts of the Council’s cash position. With the current volatility in the markets the Council continued to invest on a short term basis. He also outlined the current situation in respect of PFIs and schools.

Resolved – That the report be noted.