Decision Maker: Cabinet
Decision status: Recommmend Forward to Council
Is Key decision?: Yes
Is subject to call in?: No
To approve the Treasury Management-Annual
Report 2018-2019 and Activity Monitoring Quarter One
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 2018-2019.
2. That a revenue net overspend of £2.2 million for the General Revenue Account and an underspend of £195,000 for the Housing Revenue Account were generated from treasury management activities in 2018-2019.
3. A break even position for the General Revenue Account and an underspend of £910,000 for the Housing Revenue Account are forecast from treasury management activities in 2019-2020.
1. That it be noted that £1.4 million was drawn down from the Treasury Management Equalisation Reserve in 2018-2019 in line with the approved budget.
2. That it be noted that during 2018-2019, it was projected that there would be an overspend against the General Revenue Account Treasury Management budget in the region of £2.0 million, primarily as a result of an increase in Minimum Revenue Provision charges following a review. Cabinet (Resources) Panel approved that the overspend could be met by a further draw down from the Treasury Management Equalisation Reserve, however, due to other underspends across the Corporate Directorate this was not required.
Report author: Karen Eaton
Publication date: 11/07/2019
Date of decision: 10/07/2019
Decided at meeting: 10/07/2019 - Cabinet