GREATER MANCHESTER POLICE AUTHORITY

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1 GREATER MANCHESTER POLICE AUTHORITY REPORT OF THE TREASURER TO THE GREATER MANCHESTER POLICE AUTHORITY 23 rd AUGUST 2012 TREASURY MANAGEMENT UPDATE, AND PRUDENTIAL INDICATORS TO 30 th JUNE PURPOSE OF REPORT 1.1 Part 1 reviews Treasury management activity for the three months ending 30 th June Part 2 reviews the Prudential Indicators for 2012/13 set by the Authority on 17 th February EXECUTIVE SUMMARY 2.1 In accordance with the CIPFA Code of Practice for Treasury Management in the Public Services, the Treasury Management Strategy for 2012/13 was submitted to the Authority on 17 th February RECOMMENDATIONS Members are recommended to: Note the contents of Parts 1 and 2 of the report. A. WESTWOOD TREASURER TO THE AUTHORITY

2 Background Documents: Loans Register Correspondence from Tameside MBC Budget working papers Investment interest summary Contact Officer: Alan Westwood Designation: Treasurer Telephone: Date: 30 th June IMPLICATIONS Resources: Debt charges and investment income impacts on the authorities budget Policing Priorities: No direct implications Governance / Legal: No direct implications Criminal Justice and Partnerships: No direct implications Outcomes / Performance Improvements: Report submitted in accordance with the authorities treasury management policy And strategy document Equalities, Diversity and Human Rights: No direct implications Risk: The treasury management strategy and prudential indicators are risk management Tools adopted by the authority and as such the report addresses this implication Vulnerable People: No direct implications

3 PART 1 TREASURY MANAGEMENT UPDATE TO 30 th JUNE BACKGROUND 5.1 Treasury Management is defined as: The management of the Authority s investments and cash flows, its banking, money market and capital market transactions, the effective control of the risks associated with those activities; and the pursuit of optimum performance consistent with these risks. 5.2 The Authority has a low risk appetite. 6. INTRODUCTION 6.1 The Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice on Treasury Management (November 2009 version) was adopted by the Authority on 19 th February This report has been prepared in accordance with the above Code of Practice and reviews: Short-term borrowing Long-term borrowing Investments Bank rate. 7. SHORT TERM BORROWING 7.1 As at 30 th June 2012 it has been necessary for cash flow purposes to take temporary short-term borrowing. Details of this temporary borrowing are set out below; Date Term Lender Value Cost days Bridgend County Council 3,000, % days Tendering District Council 2,000, % days Worcestershire County Council 5,000, % days Warwickshire County Council 5,000, % days Wandsworth Council 10,000, %

4 8. LONG TERM BORROWING 8.1 Debt incurred before 1 st April 1986, (i.e. former Greater Manchester County debt) is administered by Tameside MBC. Repayments of the principal are made annually and interest paid quarterly. If no extraordinary repayments of principal are made, the debt will be redeemed on the 31 st March Debt incurred since 1 st April 1986 is administered in-house. 8.3 The Authority utilises long-term borrowing to finance that part of its capital programme not met from government grants, capital receipts or contributions from its own resources. 8.4 The Authority has not taken any new long-term borrowing in 2012/2013 as at 30 th June No rescheduling of loans has taken place in 2012/2013 as at 30 th June A summary of long-term borrowing for 2012/2013 as at 30 th June 2012 is given below. All PWLB debt is at fixed rate. The average interest rate on the PWLB debt is 3.829%. Debt Repayments New loans Debt Ex GMC debt 11,505, ,505,328 PWLB 108,367, ,367,666 Total 119,872, ,872, Appendix 1 shows the maturity profile of PWLB loans from 2012/13 to 2058/ A summary of interest payable and debt management expenses for 2012/2013 at 30 th June 2012 is given below. Debt Management Expenses Interest Payable Full Year Initial Budget Full Year Revised Forecast Ex GMC debt 0 161, , ,137 PWLB 0 1,353,671 4,033,025 4,033,025 Total 0 1,514,774 4,671,162 4,671,162

5 9. INVESTMENTS 9.1 The Authority s investment priorities are the security of capital and the liquidity of its investments. Its aim is to achieve the optimum return on its investments commensurate with proper levels of security and liquidity. 9.2 The Authority maintains a list of creditworthy counterparties and duration bands. Each counterparty is assessed using: Sovereign ratings Credit ratings from the three main agencies Credit watches and outlooks Credit default swap (CDS) prices 9.3 The lending limit per counterparty/group is 20m, or no more that 30% of the total sum invested. 9.4 On a few occasions in 2012/2013 to 30 th June 2012 our investments with the RBS group have exceeded the 30% per counterparty/group limit. Details are shown below; Date Borrower Value Limit Days Reason RBS Group 33.5% 30% 1 Temp borrowing taken late, no where left to place funds RBS Group 44.9% 30% 1 Management decision RBS Group 45.3% 30% 4 Management decision 9.5 At 30 th June 2012 the Authority had m invested. Details are set out in Appendices 2, and The in-house team manages all the funds invested. At 30 th June 2012 interest on investments of 0.112m had been earned at an average interest rate of 1.040%. 9.7 The initial full year budget for investment income was set at 0.560m, this has not been revised. 10. BANK RATE 10.1 The Bank rate was dropped to 0.50% on 5 th March 2009 and remains unchanged at 30 th June 2012.

6 PART 2 PRUDENTIAL INDICATORS 11. BACKGROUND 11.1 Under the terms of the Local Government Act 2003 and Regulation 2 of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, the Authority set its Prudential Indicators for 2011/12 on 17 th February Prudential Indicators for 2013/14 and 2014/15 remain indicative and are not reviewed in this report. 12. PRUDENTIAL INDICATORS FOR AFFORDABILITY 12.1 Ratio of financing costs to net revenue stream This indicator looks at the ratio between the costs of financing all longterm debt (net of interest earned on investments) and the Authority s net revenue stream, defined as: Police grant Other grant RSG NNDR Precept (including Collection Fund balance) The original estimate percentage for 2012/13 was 1.830%. This remains unchanged Incremental impact on Precept This shows the estimated impact on precept of the 2012/13 capital programme. As the precept was set in February 2012 then the estimated impact, 0.12 at Band D, cannot change.

7 13. PRUDENTIAL INDICATORS FOR CAPITAL EXPENDITURE 13.1 Capital Expenditure The Prudential Indicator set for estimate capital expenditure in 2012/13 was originally m. This remains unchanged Capital Financing Requirement (CFR) This indicator is derived from the Authority s balance sheet and measures it s underlying need to borrow for capital purposes. The original estimated indicator for 2012/13 was m. This remains unchanged Net external borrowing should not exceed the CFR in the year. Maximum debt outstanding in 2012/13 to date was m. This limit has not therefore been exceeded. 14. PRUDENTIAL INDICATORS FOR EXTERNAL DEBT 14.1 Authorised limit for external debt This indicator limits total long term and short term debt The original estimate for 2012/13 was m. This remains unchanged Maximum long and short-term debt outstanding in 2012/13 was m. This indicator has not been exceeded Operational boundary for external debt This indicator is similar to the above but limits long term debt only The original estimate for 2012/13 was m. This remains unchanged Maximum long-term debt outstanding in 2012/13 was m. This indicator has not been exceeded.

8 15. PRUDENTIAL INDICATORS FOR TREASURY MANAGEMENT 15.1 Limits on fixed interest rate exposures (interest) This indicator compares interest payable on borrowing to interest receivable on investments to show net interest receivable or payable. Original estimates were for 3.952m net interest payable in 2012/13. This remains unchanged Limits on fixed interest rate exposures (principal) This indicator is similar to the one above but compares principal repayable on borrowing to sums invested to show net principal repayable or invested. Original estimates were for m net repayable in 2012/13. This remains unchanged The above two indicators also limit the proportion of borrowing subject to variable rates to 50% of outstanding debt. In 2012/13 there are no variable rate loans outstanding. This indicator has not been exceeded Maturity structure of borrowing This indicator ensures that there is a spread of principal repayments in the periods up to and beyond 10 years. There is an upper limit of 50% of total debt that may be repayable within 12 months The forecast percentage of debt to be repaid within 12 months in 2012/13 was 10%. This remains unchanged Total principal sums invested for periods longer than 364 days This indicator limits investments made beyond 364 days to 30m. At 30 th June 2012 there are no investments beyond 364 days. This indicator has not therefore been exceeded.

9 Appendix 1 GREATER MANCHESTER POLICE AUTHORITY PWLB DEBT MATURITY PROFILE JUNE 2012 GMPA try mgt update

10 Appendix 2 GREATER MANCHESTER POLICE AUTHORITY INVESTEMENT MATURITY PROFILE JUNE 2012 GMPA try mgt update

11 Appendix 3 GREATER MANCHESTER POLICE AUTHORITY COUNTERPARTY RISK SPREAD JUNE 2012 GMPA try mgt update

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