Issue - meetings

Cabinet RESOLVED:

(1)      To note the 2020/21 Treasury Management outturn report and forward it on to Full Council for approval, in compliance with CIPFA’s Code of Practice on Treasury Management (the Code).

(2)      To note that for 2020/21 the Council had complied with its Prudential Indicators which were approved by Full Council on 19 February 2020 as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement.

Councillor McLennan as Deputy Leader and Lead Member for Resources introduced a report updating members on Treasury Management activity.  In introducing the report Cabinet noted the confirmation provided that the Council had complied with its Prudential Indicators for 2020-21along with the impact of the Covid-19 pandemic.

Members attention was drawn to the summary of the Council’s borrowing and investment activity during 2020-21 along with impact of the reduction in the Public Works Loan Board (PWLB) borrowing rate, which the Council had sought to take advantage of as part of its borrowing strategy.   In addition members were advised that recovery of the Council’s investments with Icelandic banks had also been concluded during 2020-21.

Having noted that the report had also been subject to consideration by the Audit & Standards Advisory Committee on 11 May 2021, Cabinet RESOLVED:

(1)      To note the 2020/21 Treasury Management outturn report for referral on to Full Council for approval, in compliance with CIPFA’s Code of Practice on Treasury Management (the Code).

(2)      To note that for 2020/21 the Council had complied with its Prudential Indicators which had been approved by Full Council on 19 February 2020 as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement.