Issue - meetings

To provide an update of the treasury management position of the Council as at 30th September 2020 (report of the Executive Director Commercialisation (S151) enclosed)

Consideration was given to the report of the Executive Director Commercialisation (S151) which provided an update of the treasury management position of the Council as at 30 September 2020.

The report was presented by the Portfolio Holder for Finance, Strategy and Partnerships, who advised that it had recently been scrutinised by the Governance and Audit Committee.

DECISION:

That the Mid Term Treasury Report 2020/21, together with the treasury activity as detailed in Appendix A and the economic update from Link Group at Appendix B, be received and approved, as required by the CIPFA Code of Practice on Treasury Management.

To provide an update of the treasury management position of the Council as at 30 September 2020 (report of the Executive Director Commercialisation (S151) enclosed).

Consideration was given to the report of the Executive Director Commercialisation (S151 Officer), which provided an update of the treasury management position of the Council as at 30 September 2020.

In December 2017, the Chartered Institute of Public Finance and Accountancy (CIPFA), issued revised Prudential and Treasury Management Codes. As from 2020/21, all local authorities would be required to prepare a Capital Strategy which was intended to provide the following:

·         A high-level overview of how capital expenditure, capital financing and treasury management activity contributed to the provision of services;

·         An overview of how the associated risk was managed;

·         The implications for future financial sustainability.

·         A report setting out the Authority’s Capital Strategy was taken to full Council as part of the budget setting report on 26 February 2020.

The mid year report had been prepared in compliance with CIPFA’s Code of Practice on Treasury Management, and covered the following:

·         An economic update for the 2020/21 financial year to 30 September 2020;

·         A review of the Treasury Management Strategy Statement and Annual Investment Strategy;

·         The Council’s capital expenditure, as set out in the capital strategy and prudential indicators;

·         A review of the Council’s investment portfolio for 2020/21;

·         A review of the Council’s borrowing strategy for 2020/21;

·         A review of any debt rescheduling undertaken during 2020/21;

·         A review of compliance with Treasury and Prudential Limits for 2020/21

AGREED:

That the report, the treasury activity as detailed in Appendix A and the economic update from Link Asset Services at Appendix B be noted.