Issue - meetings

The Head of Strategic Finance and Property introduced the report, which looked back at the 2021/2022 financial year. He drew Members’ attention to the Executive Summary on page 173 - Appendix A, which showed the effects of major project delay on capital expenditure and detailed the Council’s needs and position with regards to borrowing.

The Head of Strategic Finance and Property said the Council was repaying a loan from the 1980s with the Public Loan Works Board (PWLB) , which had an interest rate based on gilt yields and not the Bank of England base rate. He explained that short term borrowing was currently a cheaper option as again it was not linked to the base rate but instead Sterling Overnight Index Average (SONIA) .

The Head of Strategic Finance and Property referred to page 187 of the report which detailed the Council’s investments with Lothbury Property Trust and Hermes Property Trust. He said that both trusts had waiting lists to invest and were ahead of the curve with regards to property trends. He said that the trusts published their returns to their websites, and the links for these could be sent to the Chairman.

The Chairman thanked the Head of Strategic Finance for the interesting document.

It was moved by Councillor Fernando and seconded by Councillor Huggins that the recommendations, as detailed, be approved. After being put the meeting and a vote taken, the motion was declared CARRIED.

RESOLVED – that Members examine and comment on the Treasury Management Activity and Prudential Indicators for 2021/2022 (Appendix A).