Issue - meetings

To provide an update of the treasury management position of the Council as at 30 September 2021 (report of the Deputy Chief Executive – Corporate Development (S151) enclosed).

Consideration was given to the report of the Deputy Chief Executive – Corporate Development (S151) which provided an update of the treasury management position of the Council as at 30 September 2021.

DECISION:

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

To provide an update of the treasury management position of the Council as at 30 September 2021 (report of the Deputy Chief Executive – Corporate Development (S151) enclosed).

Consideration was given to the report of the Deputy Chief Executive – Corporate Development (S151 Officer), which provided an update of the treasury management position of the Council as at 30 September 2021.

The Interim Treasury and Investment Manager introduced the report which had been prepared in compliance with the Chartered Institute of Public Finance and Accountancy (CIPFA) code of practice on Treasury Management. The report had two appendices;

• Appendix A detailed reviews undertaken for 2021/22, which had included:
  • the Treasury Management Strategy Statement and Annual Investment Strategy which had detailed the Council’s capital expenditure as set out in the Capital Strategy and Prudential indicators;
  • the Council’s investment portfolio;
  • borrowing strategy;
  • debt rescheduling which had been undertaken;
  • compliance with Treasury and Prudential Limits;
• Appendix B detailed an economic update for the 2021/22 financial year to 30 September 2021.

Members considered the report and made the following comments:

• Members asked whether the council had regularly checked the reliability and ratings of investments.
  • The officer confirmed that regarding credit: the council adhered to the Treasury Management Statement which set out limits; advisors’ Link Asset Services had been utilised which had provided regular/immediate updates.
  • Regarding yield: updates had been received from brokers, advisors and financial institutions on a daily basis. These had been monitored to ensure the best possible return had been achieved.
• Members suggested that an explanation of the history of the Council’s £67 million debt be shared with members.
  • The Assistant Director – Finance confirmed that the debt had arisen from the compulsory purchase of HRA from central government. A background note would be prepared so that all current councillors were advised of how the initial debt had arisen.

AGREED:

That the report be noted.