Issue - meetings

Treasury Management Mid Year Review

Meeting: 29/10/2019 - Performance, Audit and Governance Oversight Committee (Item 203)

203 Treasury Management Mid-Year Review pdf icon PDF 66 KB

Additional documents:

Minutes:

The Executive Member for Financial Sustainability submitted a report on the Council’s treasury management activities for the first six months of 2019/20 financial year including the prudential indicators. The Finance Business Partner explained that the only major change was the significant reduction in capital spends owing to some larger projects being re-profiled and explained how this would affect future borrowing.

 

The Chairman and Members debated the report at length and sought clarification on a number of issues including, the Council’s long term liabilities, why the Council would need to borrow in April 2021 and the various projects which would require a loan from the Public Works Loan Board (PWLB).  The Finance Business Partner explained the rationale behind the need to change to the Prudential Indicators for the Capital Financing Requirement.

 

Members supported the recommendation to receive the report and to advise the Executive that Performance Audit and Governance Oversight members support the Treasury Management Outturn activity and proposed changes to the prudential indicators for the first six months of the 2019/20 financial year. 

 

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

 

RESOLVED – that the (A) report be received and

 

(B)   the Executive be advised that Performance Audit and Governance Oversight Members support the Treasury Management Outturn activity and proposed changes to the prudential indicators for the first six months of the 2019/20 financial year.