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Issue - meetings
Treasury Management - Mid Year Report 2019/20
Meeting: 22/01/2020 - Audit Committee (Item 78)
78 Treasury Management - Mid Year Report 2019/20 PDF 276 KB
Additional documents:
Minutes:
The Chief Finance Officer presented a report to Audit Committee. This report advises of the Treasury Management activities and performance during the current year. It provides the opportunity to review the Treasury Management Strategy and make appropriate recommendations to Council to take account of any issues or concerns that have arisen since approving it in February 2019.
The Chief Finance Officer explained that we are substantially past the mid-year date so a lot of the information in this report is superseded by the information from the upcoming report. He explained that the report was very much in line with the strategy set in 2019 and complies with all prudential indicators. The only unexpected issue occurred post-September, when there was an increase in rates on loans from the Public Works Loan Board (PWLB).
Councillors asked why PWLB rates were increased.
The Chief Finance Officer explained that some local authorities may have borrowed above what is prudent in the government’s view. It is a tough approach to cool the market.
Councillors asked where the council could borrow money from if borrowing from the PWLB was no longer feasible.
The Chief Finance Officer assured councillors that the council would still be able to borrow from the PWLB, but there are also other avenues available if necessary such as the council’s own limited resources and the private sector (Municipal Bond Agency).RESOLVED- (Unanimously)
1. Audit Committee agree the Mid-Year report.
Reasons for Recommendations
The Code of Practice on Treasury Management requires, as a minimum, a mid-year review of the Treasury Management Strategy and performance. This is intended to highlight any areas of concern that have arisen since the original strategy was approved (February 2019). It is a requirement of the Code of Practice that the Mid-year review is considered by Cabinet and full Council.
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