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Issue - meetings
Annual Treasury Management Outturn Report 2019/2020
Meeting: 01/09/2020 - Cabinet (Item 271)
271 Annual Treasury Management Outturn Report 2019/2020 PDF 888 KB
Decision:
Cabinet consider the report – no recommendations are being made to amend the current Treasury Management Strategy as a result of this review.
Minutes:
The Assistant Director, Financial Services and Revenues, presented a report on the Treasury Management activities and performance of the last financial year.
The Council is required by regulations issued under the Local Government Act 2003 to produce an annual treasury management review of activities and the actual prudential and treasury indicators for 2019/20. The report meets the requirements of both the CIPFA Code of Practice on Treasury Management, (the Code), and the CIPFA Prudential Code for Capital Finance in Local Authorities, (the Prudential Code).
The Assistant Director reported that the council’s investments and debt were properly managed and the strategy worked well in response to the covid-19 crisis. There were no cash flow shortages and the council has been able to access its cash as and when required. Therefore, there are no recommendations to amend the strategy for 2020/2021.
New borrowing in the last financial year was in the region of £9.4 million and return on investments was just over 1%. A further mid-year report will be presented to cabinet and full council regarding the current financial year.
The Leader of the Council thanked the Assistant Director, Cllr Chowney and the Audit Committee for their work on the Treasury Management Strategy.
Councillor Chowney proposed approval of the recommendations, seconded by Councillor Fitzgerald.
RESOLVED (unanimously):
Cabinet consider the report – no recommendations are being made to amend the current Treasury Management Strategy as a result of this review.
Reasons for the decision:
To ensure that members are fully aware of the activities undertaken in the last financial year, that Codes of Practice have been complied with and that the Council's strategy has been effective in 2019-20.
Under the Code adopted the Full Council are required to consider the report and any recommendations made.
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