Report of the County Treasurer (CT/19/117) outlining the Council's Treasury Management Mid-Year Stewardship 2019/20, which updates on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2019/20 financial year, previously considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 26 November 2019 (Minute *157 refers) and commended to the Cabinet, attached.
(Councillors Connett and Hannaford attended in accordance with Standing Order 25(2) and spoke to this item).
The Cabinet considered the Report of the County Treasurer (CT/19/117) outlining the Council’s Treasury and Debt Management activities undertaken during the first half of 2019/20 in line with the CIPFA Code of Practice, the Report having also been considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 26th November 2019.
There were no particular issues to draw to the attention of the Cabinet as part of that process.
The Report updated the Cabinet on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2019/20 financial year; to enable Members to satisfy themselves that agreed policy had been implemented.
The Report outlined the Borrowing Strategy and its aims for 2019/20 - 2021/22, the implementation of the Borrowing Strategy in 2019/20, Analysis of long term debt, Investment Strategy, Implementation of the Investment Strategy 2019/20, 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 2020/21.
In summary, the Report stated that no long term or short-term borrowing had been undertaken to date in 2019/20 and the expectation was that no new borrowing would be required during the remainder of the 2019/20 financial year; and that investment income at the end of October stood at around £1.5 million compared to the budget target for the year of £1.6 million.
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 2019/2020 financial year be noted and welcomed.