Decision details

Capital Outturn and Treasury Management Annual Report 2019-2020 and Monitoring Quarter One 2020-2021

Decision Maker: Cabinet Member for Resources

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

To approve the Capital Outturn and Treasury Management Annual Report 2019-2020 and Monitoring Quarter One 2020-2021

Decision:

  Capital Budget Outturn 2019-2020 including Quarter One Capital Monitoring 2020-2021

         

1.   That the revised medium term General Revenue Account capital programme of £380.8 million, an increase of £2.0 million from the previously approved programme, and the change in associated resources be approved.

 

2.   That the revised Housing Revenue Account (HRA) capital programme of £462.2 million, a reduction of £20,000 from the previously approved programme, and the change in associated resources be approved.

 

Treasury Management – Annual Report 2019-2020 and Activity Monitoring Quarter One 2020-2021

         

1.   That authority be delegated to the Director of Finance to lower the minimum sovereign rating in the Annual Investment Strategy, in the event of the UK’s credit rating being downgraded by the two credit rating agencies, due to the unprecedented impact of Covid-19 on the economy.

 

2.     That it be noted 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 2019-2020.

 

3.     That it be noted that revenue underspends of £440,000 for the General Revenue Account and £273,000 for the Housing Revenue Account (HRA) were generated from treasury management activities in 2019-2020.

 

4.     That it be noted that revenue underspends of £1.5 million for the General Revenue Account and £434,000 for the HRA were forecast from treasury management activities in 2020-2021.

 

5.     That it be noted that due to receipt of grants from Central Government in response to Covid-19 the Council temporarily exceeded the limit of £10.0 million to be held in the Council’s bank account. The temporary increase of the limit to £32.7 million was approved by the Director of Finance under the authority delegated by Council and was in place for the period 1 April 2020 to 9 April 2020.

 

Publication date: 20/07/2020

Date of decision: 17/07/2020

Accompanying Documents: