Decision details

Treasury Management Activity Monitoring - Mid Year Review 2020-2021

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No


To approve the Treasury Management Activity Monitoring - Mid Year Review 2020-2021


That Council be recommended to approve:

1.    That a mid-year review of the Treasury Management Strategy Statement has been undertaken and the Council has operated within the limits and requirements approved in March 2020.


2.    That revenue underspends of £1.8 million for the General Revenue Account and £682,000 for the Housing Revenue Account (HRA) are forecast from treasury management activities in 2020-2021, arising as a result of re-phasing of the capital programme and lower interest rates forecast on borrowing due to the impact on the economy of Covid-19.


3.    That two of the three credit rating agencies have downgraded the UK’s credit rating.  If the remaining credit rating agency follows suit the Director of Finance will lower the minimum sovereign rating in the Annual Investment Strategy in line with the delegated authority approved by Council on 17 July 2020.


That Cabinet notes:

1.    The financial information included in this report is based on the ‘Capital Programme 2020-2021 to 2024-2025 Quarter Two Review’ 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 would be presented to Council on 18 November 2020.


Report author: Sarah Hassell

Publication date: 12/11/2020

Date of decision: 11/11/2020

Decided at meeting: 11/11/2020 - Cabinet

Accompanying Documents: