Issue - meetings

The Committee considered a joint report of the Cabinet Member for Commercialisation, Education and Skills along with the Corporate Director of Finance and Assets setting out the Council’s Treasury Management Performance for 2019/20.

The Corporate Director of Finance and Assets introduced the report and explained to Members that the changes to Council meetings because of the response to Covid-19 meant that it had not been considered by Audit prior to submission to Cabinet. The Corporate Director invited Members to consider the chart setting out the changes in interest rates and how the Council responded to these in making decisions about when to undertake borrowing.

Councillor Jim Robbins asked questions concerning the loans to other councils and the detail about the zero interest Salix (Green initiative

Funding) loan, to which the Corporate Director of Finance and Assets responded at the meeting.

Resolved - That the 2019/20 Treasury Management performance as detailed at paragraphs 3.1 to 3.23 of the Joint report and the Prudential Indicators shown at Appendix 2 be noted.

Councillor Russell Holland, the Cabinet Member for Finance, Skills, and Education and the Corporate Director of Finance and Assets submitted a joint report setting out the mid-year Treasury Management performance for 2019/20.  The joint report noted that the CIPFA Treasury Code of Practice recommends that Treasury Management performance is reported at least twice a year. 

Councillor Holland drew Members’ attention to possible increases interest rates that might affect the Council’s investment priorities.  Councillor Mary Martin, Cabinet Member for Children’s Services, asked about whether the change in Public Works Loan Board interest rates affected existing loans, to which Councillor Holland responded at the meeting.

Resolved:- That the mid-year Treasury Management performance be noted.

The reasons for the decision and alternative options are as set out in the report to the meeting.