Issue - meetings

The Chief Finance Officer to present a report which provides an update on Treasury Management activity and Prudential Indicators for the period 1 April 2020 to 30 September 2020.

Resolved:  (i)      That the Treasury Management activities to date in 2020/21 be noted.

                   (ii)      That the Prudential Indicators set out in Annex A to the report, and the compliance with all indicators, be noted.

Reason:     To ensure the continued performance of the council’s Treasury Management function.

The Chief Finance Officer presented a report which provided an update on Treasury Management activity and Prudential Indicators for the period 1 April to 30 September 2020.  The report would also be considered by the Audit & Governance Committee at their meeting in January 2021.

The report, prepared in compliance with CIPFA’s Code of Practice on Treasury Management, provided: an economic update for the first part of the 2020/21 financial year; a review of the Treasury Management Strategy Statement and Annual Investment Strategy; the prudential indicators; reviews of the council’s investment portfolio and borrowing strategy; and a review of compliance with the Treasury and Prudential Limits.  This was set against the background of the economic damage resulting from the coronavirus pandemic, with investment returns likely to remain low given that no increases in Bank Rate were expected in the next few years.

It was confirmed that during the financial year 2019/20 to date, the council had operated within the treasury limits and Prudential Indicators, as set out in the report and Annex A.

Resolved:  (i)      That the Treasury Management activities to date in 2020/21 be noted.

                   (ii)      That the Prudential Indicators set out in Annex A to the report, and the compliance with all indicators, be noted.

Reason:     To ensure the continued performance of the council’s Treasury Management function.