Issue - meetings

Report of the Director of Finance and Public Value (DF/22/67) on the Treasury Management Stewardship Outturn, attached.

Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee had received the same Report on the Treasury Management Stewardship Outturn at their meeting on 23 June 2022 and had welcomed the successful and prudent approach adopted within the Treasury Management Strategy (minute *57 refers).

RESOLVED that the Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their consideration and review of the Annual Treasury Management Stewardship Report for 2021/2022 and that the document be further endorsed.

The Cabinet considered the Report of the Director of Finance and Public Value (DF/22/67) outlining the Treasury Management action taken during the last financial year (in line with the CIPFA Code of Practice previously adopted by the Council).

Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee had received the same Report on Treasury Management at their meeting on 23 June 2022 and had welcomed the successful and prudent approach adopted within the Treasury Management Strategy (minute *57 referred).

The Cabinet noted that the Council had adopted the CIPFA (Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management in the Public Services. The policy required the Council to agree an annual treasury strategy report, setting out the strategy and plans to be followed in the coming year, as part of the budget process.

The Report showed the outturn position, performance and key matters arising from the Council's Treasury and Debt Management activities during the 2021/22 financial year. This followed agreement of the Treasury Management and Investment Strategy for 2021/22 by Council in February 2021 and formed part of the published budget book for the year. The Report covered the minimum revenue position, borrowing, the outturn position, prudential indicators; and a 2022/23 update.

The Cabinet noted that no long term or short-term borrowing had been undertaken during 2021/22 and no opportunities arose during the 2021/22 financial year to repay outstanding debt without incurring substantial premium penalties, which would have negated the benefit of repaying the debt.

Investment income of £1.095 million had been achieved in 2021/22 against a full year budget of £800,000. This represented a return of 0.50%, including the Property Fund investment. Successful prudent management of the Council’s short-term cash reserves had delivered a surplus of £0.3 million for the 2021/22 financial year.

The matter having been debated and the other relevant factors being considered as set out in the Director of Finance and Public Values Report:

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

RESOLVED that the Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their consideration and review of the Annual Treasury Management Stewardship Report for 2021/2022 and that the document be further endorsed.