Issue - meetings

Report of the County Treasurer (CT/20/91) outlining the Council's Treasury Management Mid-Year Stewardship 2020/21, which updates on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2020/21 financial year, previously considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 19^th November 2020 (Minute *203 refers). The Report is attached.

(Councillors Dewhirst and Hannaford attended remotely in accordance with Standing Order 25(2) and the Local Authorities and Police and Crime Panels (Coronavirus) (Flexibility of Local Authority and Police and Crime Panel Meetings) (England and Wales) Regulations 2020 and spoke to this item).

The Cabinet considered the Report of the County Treasurer (CT/20/91) on the Treasury Management Mid-Year Stewardship 2020/21, which updated on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2020/21 financial year, the Report having also been considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 19 November 2020 (Minute *203 referred).

The Report outlined the Borrowing Strategy and its aims for 2020/21 – 2022/23; Analysis of Long Term Debt; Investment Strategy, the current position with the Minimum Revenue Provision; the Council’s compliance with the Prudential Indicators as laid out in the CIPFA Code of Practice; and Prospects for 2021/22.

In summary, the Report stated that no long-term or short-term borrowing had been undertaken to date in 2020/21 and the expectation was that no new borrowing would be required during the remainder of the 2020/21 financial year; and that investment income at the end of October stood at around £1.09 million compared to the budget target for the year of £1.542 million.

Looking ahead, falling interest rates would reduce the level of interest income that could be achieved on the Council’s cash reserves in future years, and a potential reduction in available cash would mean that the Council 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 County Treasurer’s Report and/or referred to above having been considered:

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

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2020/21 financial year and it be further endorsed and welcomed.

Report of the County Treasurer (CT/20/91), attached.

The Committee received the Report of the County Treasurer (CT/20/91) on the Treasury Management Mid-Year Stewardship 2020/21, which updated key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2020/21 financial year, to enable Members to satisfy themselves that agreed policy had been implemented.

The Report outlined the Borrowing Strategy and its aims for 2020/21 – 2022/23; Analysis of Long Term Debt; Investment Strategy, the current position with the Minimum Revenue Provision; the Council’s compliance with the Prudential Indicators as laid out in the CIPFA Code of Practice; and Prospects for 2021/22.

In summary, the Report stated that no long-term or short-term borrowing had been undertaken to date in 2020/21 and the expectation was that no new borrowing would be required during the remainder of the 2020/21 financial year; and that investment income at the end of October stood at around £1.09 million compared to the budget target for the year of £1.542 million.

Looking ahead, falling interest rates would reduce the level of interest income that could be achieved on the Council’s cash reserves in future years, and a potential reduction in available cash would mean that the Council would need to manage its capital programme carefully to ensure it remained affordable within the policy of not taking out further external debt.

It was MOVED by Councill Dewhirst, SECONDED by Councillor Brook and

RESOLVED that the Treasury Management Mid-Year Report be endorsed and commended to the Cabinet.