Issue - meetings

Report of the Director of Finance (DF/21/11) outlining the Council's Treasury Management Mid-Year Stewardship 2021/22, which updates on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2021/22 financial year, previously considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 18th November 2021 (Minute *23 refers). The Report is attached.

Recommendation

That Cabinet further endorse the Treasury Management Mid-Year Stewardship 2021/22 Report.

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2021/22 financial year and it be further endorsed and welcomed.

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

The Cabinet considered the Report of the Director of Finance (DF/21/11) on the Treasury Management Mid-Year Stewardship 2021/22, which updated on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2021/22 financial year, the Report having also been considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 18 November 2021 (Minute *23 referred).

The Report outlined the Borrowing Strategy and its aims for 2020/21 – 2023/24; Analysis of Long Term Debt; Investment Strategy, the Minimum Revenue Provision; the Council’s compliance with the Prudential Indicators as laid out in the CIPFA Code of Practice; and Prospects for 2022/23.

In summary, the Report stated that no long-term or short-term borrowing had been undertaken to date in 2021/22, and the expectation was that no new borrowing would be required during the remainder of the 2021/22 financial year; and that investment income at the end of October stood at around £580,000 compared to the budget target for the year of £800,000.

Looking ahead, there might be a small increase in the rates available for

treasury investments in 2022/23, but rates would remain very low. The Council, therefore would need to manage its capital programme carefully to ensure it remained affordable within the policy of not taking out further external debt.

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

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

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2021/22 financial year and it be further endorsed and welcomed.