Issue - meetings

Council considered two reports submitted by the Executive Member for Financial Sustainability, reviewing the Council’s treasury management activities for 2018/19, and reviewing the treasury management activities for the first six months of the 2019/20 financial year. 

Councillor G Williamson highlighted the main points contained within the reports, which had been considered by the  Performance, Audit and Governance Oversight Committee on 29 October 2019.  He said he intended to alter the recommendation in each report to state that the items be noted rather than approved, as the activity had in fact already been approved. 

Councillor G Williamson moved, and Councillor M Pope seconded, a motion that the recommendations in each report as detailed be supported.  After being put to the meeting and a vote taken, the   motion was declared CARRIED. 

RESOLVED – that the 2018/19 treasury management activity and prudential indicators be noted. 

(See also Minute 277)

The Executive Member for Financial Sustainability submitted a report reviewing the Council’s treasury management activities for 2018/19 including the prudential indicators and the associated impact on the 2019/20 treasury management strategy.

The Financial Business Partner provided a summary of the report adding that there were no significant changes to the outturn.  She explained that there was some intrinsic debt (£6m) which would be cleared in May 2020. 

The Chairman and Members sought and were provided with clarification in relation to a number of issues including:

·       The level of reserves;

·       The Council’s negative capital financing requirement (CFR), when this was set, how this was determined and what this was used for;

·       Confirmation that the Council’s level of reserves stood at between £39m - £40m, where and how long these were held on deposit and whether the funds deposited in approved countries, were limited;

·       The rate of return on the monies invested with Millstream; and

·       why the Public Works Loan Board (PWLB) had increased their borrowing rates.

Members supported the recommendation to advise the Executive that the Treasury Management Outturn for 2018/19 be approved.

It was moved by Councillor A Alder and seconded by Councillor L Corpe that the recommendation be approved.  After being put to the meeting and a vote taken, the motion was declared  CARRIED.

          RESOLVED- that the Executive be advised     that Members support approval of the        Treasury Management 2018/19 activity           and Prudential Indicators.