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Issue - meetings
Treasury Management - Mid-Year Report 2019-20
Meeting: 06/01/2020 - Cabinet (Item 228)
228 Treasury Management - Mid-Year Report 2019-20 PDF 276 KB
Additional documents:
Decision:
1. Cabinet agree the Mid Year report
2. Cabinet recommends that the report goes to Council and they agree the Mid-Year report.
Minutes:
The Assistant Director Financial Services & Revenues (Chief Finance Officer) presented a report that advises Cabinet 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 Assistant Director Financial Services & Revenues discussed how the Council has had good returns on the investments it has made. These have been spread to minimise risk which is standard practice. The Council has borrowed significant amount from the Public Loans Works Board (PWLB) usually for investments in commercial property. The Council are still able to borrow more but the there is a limited maximum amount. Councillors will need to consider this when looking at future borrowing.
Councillors discussed how positive investments had been. They recognised that the Council was borrowing more but wanted the recognition that this is a result of needing to replace lost government funding. The investments had worked for the Council and the income from this has helped to reduce the Councils deficit.
Commercial property that was brought several decades ago was now helping the councils finances and it is hoped that the more recent purchases and investments would have the same effect for the future.
The Assistant Director Financial Services & Revenues added a further recommendation to the report as;
‘Cabinet recommends that the report goes to Council and they agree the Mid-Year report.’
Councillor Chowney proposed approval of the recommendations of the report and the meeting. This was seconded by Councillor Lee.
RESOLVED (Unanimously)
1. Cabinet recommends that the report goes to Council and they 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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