Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
To approve the Treasury Management - Annual Report 2019-2020 and Activity Monitoring Quarter One 2020-2021.
That Council be recommended to:
1. Delegate authority 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.
That Council be asked to note:
1. That 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.
2. 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.
3. That revenue underspends of £1.5 million for the General Revenue Account and £434,000 for the HRA are forecast from treasury management activities in 2020-2021.
4. 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.
Report author: Sarah Hassell
Publication date: 09/07/2020
Date of decision: 08/07/2020
Decided at meeting: 08/07/2020 - Cabinet