Issue - meetings

Treasury management mid-year monitoring report 2021/22

Meeting: 09/12/2021 - Council (Item 55)

55 Treasury management mid-year monitoring report 2021/22 pdf icon PDF 462 KB

Cabinet, at its meeting on 2 December 2021, will consider a monitoring report on the treasury management activities for the first six months of 2021/22 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 30 November 2021.

 

The report of the head of finance, which Cabinet will consider on 2 December 2021, is attached.

 

Cabinet’s recommendations will be circulated to all councillors.

 

Minutes:

Council considered Cabinet’s recommendations, made at its meeting on 2 December 2021, on the treasury management performance in the first six months of 2021/22.

 

Councillor Rawlins, Cabinet member for finance, reported that income from treasury activities was under the budget forecast due to the lower than expected interest rates during that period.  However, the council’s performance had exceeded all benchmarks for the first six months of the year and there had been no need to borrow funds during the first six months of the financial year, nor was there any expectation of a need to borrow during the remainder of the year.    

 

He reported a correction that in paragraph 25 of the report; the interest rates quoted should be amended from 10 per cent and 25 per cent to read 0.1 per cent and 0.25 per cent respectively. 

 

Both the Joint Audit and Governance Committee at its meeting on 30 November and Cabinet at its meeting on 2 December 2021 were content that the treasury management activities had been carried out in accordance with the treasury management strategy and policy. 

 

In response to a question seeking an update on progress towards the drafting of a climate change and nature friendly strategy, Councillor Rawlins responded that the council was taking external expert advice on the subject to take account of such ethical issues but that the council also had fiduciary responsibilities to both residents, and those on whose behalf the council holds funds, to ensure the security and liquidity of funds alongside the issue of yield.

RESOLVED: to

 

1.    note the treasury management mid-year monitoring report 2021/22; and

 

2.    note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy. 

 


Meeting: 02/12/2021 - Cabinet (Item 59)

59 Treasury management mid-year monitoring report 2021/22 pdf icon PDF 462 KB

To consider the head of finance’s report. 

Minutes:

Cabinet considered the head of finance’s report, which monitored the council’s treasury management performance in the first six months of 2021/22.  The report showed that the income from treasury activities was under the budget forecast; this was due to the lower than expected interest rates during that period.  However, the council’s performance had exceeded all benchmarks and there had been no need to borrow funds during the first six months of the financial year, nor was there any expectation of a need to borrow during the remainder of the year.  The treasury activities had also been carried out within the prudential indicators and counterparty limits set out in the 2021/22 treasury management strategy. 

 

The officer reported a correction that in paragraph 25 of the report; the interest rates quoted should be amended from 10 per cent and 25 per cent to read 0.1 per cent and 0.25 per cent respectively. 

 

The Joint Audit and Governance Committee had considered the report on 30 November 2021 and was content that the treasury management activities had been carried out in accordance with the treasury management strategy and policy.  Cabinet concurred. 

 

RECOMMENDED to Council to:

 

(a)       note the treasury management mid-year monitoring report 2021/22; and

 

(b)       note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy. 


 

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