Issue - meetings

Cabinet, at its meeting on 30 January 2020, considered a monitoring report on the treasury management activities for the first six months of 2019/20 and an update on the current economic conditions with a view to the remainder of the year. 

The Joint Audit and Governance Committee considered the report at its meeting on 27 January 2020. The committee resolved to note the treasury management mid-year monitoring report 2019/20 and was satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy. The committee also supported the changes to the counterparty limits.

The report of the interim head of finance, which Cabinet considered on 30 January 2020, is attached.

RECOMMENDATION TO COUNCIL to:

1.    note that the Joint Audit and Governance Committee is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy;

2.    approve the interim head of finance’s report to Cabinet on 30 January 2020; and

3.    agree the changes to the counterparty limits identified in paragraphs 21 and 22 of the interim head of finance’s report. 

Council considered Cabinet’s recommendations, made at its meeting on 30 January 2020, on the treasury management activities for the first six months of 2019/20 and an update on the current economic conditions with a view to the remainder of the year. 

The Joint Audit and Governance Committee had considered the report at its meeting on 27 January 2020 and had not recommended any adjustments to the strategy as a result of the first six months activities. That committee and Cabinet had concluded that the treasury management activities had operated within the agreed parameters set out in the approved treasury management strategy and policy and supported the changes to the counterparty limits.

RESOLVED: to

1. note that the Joint Audit and Governance Committee is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy; and

2. approve the interim head of finance’s report to Cabinet on 30 January 2020;

3. agree the changes to the counterparty limits identified in paragraphs 21 and 22 of the interim head of finance’s report. 

To consider the head of finance’s report. 

Cabinet considered the interim head of finance’s report, which monitored the councils’ treasury management activities during the first six months of 2019/20.  This showed that the council had achieved higher treasury management income than anticipated during the period. 

The report also set out details of a breach of South Oxfordshire’s treasury management strategy resulting from a contradiction in the counterparty limits.  The report recommended that the 2020/21 strategy was updated to correct this contradiction; Cabinet concurred. 

RECOMMENDED to Council to:

(a)      note that the Joint Audit and Governance Committee is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy;

(b)      approve the interim head of finance’s report to Cabinet on 30 January 2020; and

(c)       agree the changes to the counterparty limits identified in paragraphs 21 and 22 of the interim head of finance’s report.