Decision details

Council is recommended to note:

1. The Council operated within the approved Prudential and Treasury Management Indicators, and also within the requirements set out in the Council’s approved Treasury Management Policy Statement during 2017-2018.

2. Revenue underspends of £1.6 million for the General Fund and £731,000 for the Housing Revenue Account were generated from treasury management activities in 2017-2018.

3. A revenue underspend of £1.2 million for the General Fund and an overspend of £263,000 for the Housing Revenue Account are forecast from treasury management activities in 2018-2019, subject to the impact of the Minimum Revenue Provision (MRP) review.

4. That the detailed guidance notes for the new Code of Practice on Treasury Management and the Prudential Code are still to be published by CIPFA and therefore the Treasury Management Statements for 2018-2019 are still based on the Council’s interpretation of these Codes.

5. The revised guidance on Local Government Investments and Minimum Revenue Provision is under review by the Director of Finance and updates will be provided to Councillors in due course.

Cabinet noted:

1.     The financial information included in this report is based on the ‘Capital budget outturn 2017-2018 including quarter one capital budget monitoring 2018-2019’ report also on the agenda for this meeting. The capital report is subject to a report being separately approved by Cabinet also at this meeting. Therefore, if this approval is not obtained, a revised version of this report will be presented to Council on 18 July 2018.

2. That it is proposed that a total of £900,000 of the treasury underspend in 2017-2018 will be transferred into the Treasury Management Equalisation Reserve, this is subject to approval by Cabinet in the Reserves, Provisions and Balances 2017-2018 report which is also being considered at this meeting (paragraph 3.5).