Issue - meetings

Cabinet, at its meeting on 30 September, will consider the report of the head of finance on the outturn performance of the treasury management function for the financial year 2020/21.

The report of the head of finance, which the Joint Audit and Governance Committee considered on 28 September 2021 and Cabinet will consider on 30 September 2021, is attached.

The recommendations of Cabinet will be circulated to all councillors.

Council considered Cabinet’s recommendations, made at its meeting on 30 September 2021, on the outturn performance of the treasury management function for the financial year 2020/21. The Joint Audit and Governance Committee, which had met on 28 September, and Cabinet had considered the head of finance’s report and were satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy.

In response to a question regarding the lack of carbon and ecological considerations in the current Treasury Management Strategy (TMS), Councillor Rawlins, Cabinet member for Finance, responded that Council was being invited to approve the 2020/21 outturn against the strategy in place during that period at this meeting. He acknowledged that the council was looking at a revision of the TMS. There would be scope to explore climate change related issues and how these relate to investments. However, any change would need to reflect the principles of security, liquidity and whether there are opportunities to improve on yield.

RESOLVED: to

1.          approve the treasury management outturn report 2020/21; and

2.          approve the actual 2020/21 prudential indicators within the report. 

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report on the treasury management activities in 2020/21. 

The Cabinet member for finance reported that the Joint Audit and Governance Committee was content with the report and was satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy.  The Cabinet member concurred.  During the year, the council’s performance had exceeded most benchmarks and almost achieved its budget target in what was a difficult year during the Covid-19 pandemic.  Cabinet agreed and thanked officers for their work. 

RECOMMENDED to Council to:

(a)       approve the treasury management outturn report for 2020/21; and

(b)       approve the actual 2020/21 prudential indicators within the report.