Decision details

That Council be asked to note:

1.    The Council operated within the overall approved Prudential and Treasury Management Indicators, and also within the requirements set out in the Council’s Treasury Management Policy Statement during 2021-2022.

2.    That revenue underspends of £1.0 million for the General Fund and £738,000 for the Housing Revenue Account (HRA) were generated from treasury management activities in 2021-2022.

3.    That the General Fund and HRA treasury management activities for 2022-2023 are currently forecast to be within budget.  This would  continue to be monitored, and updates provided in future reports.

That Cabinet notes:

1.    The financial information included in this report is based on the ‘Capital Budget Outturn 2021-2022 including Quarter One Capital Monitoring 2022-2023’ report also on the agenda for this meeting.  The capital report is subject to two reports being separately approved by Cabinet (Resources) Panel on 6 July 2022.  Therefore, if this approval is not obtained, a revised version of this report would be presented to Council on 20 July 2022.

2.    The Council’s external borrowing has remained unchanged from 2020-2021 as there were no repayments of loans due in 2021-2022 and no new loans were taken out during the financial year.

3.    That CIPFA have recently consulted on temporary proposals to update the CIPFA code of practice on Local Authority Accounting for infrastructure assets.  At the time of writing, the outcome of the consultation has not been published.  However, in response to the issues being considered by CIPFA, the Council is currently reviewing its accounting policy and would be discussing the findings with the Council’s external auditors.  This may result in additional charges being made on Minimum Revenue Provision (MRP) for the General Fund for 2021-2022 onwards.  Once this work has been concluded, an update would be reported to Cabinet.