Issue - meetings

Report of the County Treasurer (CT/18/99) outlining the Council's Treasury and Debt Management activities during the first half of the 2018/19 financial year previously considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 27 November 2018, attached.

(Councillors Atkinson, Connett and Whitton attended in accordance with Standing Order 25(2) and spoke to this item).

The Cabinet considered the Report of the County Treasurer (CT/18/99) outlining the Council’s Treasury and Debt Management activities undertaken during the first half of 2018/19 in line with the CIPFA Code of Practice which had been considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 27 November 2018. 

The County Treasurer’s Report had confirmed that there were no particular issues to draw to the attention of the Cabinet as part of that process.

In summary, the Report updated on the key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2018/19 financial year, to enable Members to satisfy themselves that agreed policy had been implemented.

The Report outlined the Borrowing Strategy and its aims for 2018/19 to 2020/21, the implementation of the Borrowing Strategy in 2018/19, analysis of long term debt, implementation of the Investment Strategy 2018/19, the current position with the Minimum Revenue Provision (MRP) (a charge to make provision for the repayment of the Authority's external debt and internal borrowing), the Council’s compliance with the Prudential Indicators as laid out in the CIPFA Code of Practice, and prospects for 2019/20.

In summary, the Report stated that no long term or short-term borrowing had been undertaken to date in 2018/19 and the expectation was that no new borrowing would be required during the remainder of the 2018/19 financial year; and that investment income had already exceeded the budget target of £1 million in 2018/19. 

The matter having been debated and other relevant factors set out in the County Treasurer’s Report and/or referred to above having been considered:

it was MOVED by Councillor Barker, SECONDED by Councillor Hart and

RESOLVED that the Mid-Year Stewardship Report for the 2018/19 financial year be noted and welcomed.