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Treasury Management Activity Monitoring Quarter Three 2020-2021
Meeting: 17/03/2021 - Cabinet (Resources) Panel (Item 6)
6 Treasury Management Activity Monitoring Quarter Three 2020-2021 PDF 271 KB
[To approve the Treasury Management Activity Monitoring Quarter Three 2020-2021 report]
Additional documents:
- Appendix 1 - Prudential and Treasury Management Indicators, item 6 PDF 22 KB
- Appendix 2 - Borrowing Maturity Profile, item 6 PDF 190 KB
- Appendix 3 - Link Interest Rate Forecasts, item 6 PDF 287 KB
- Appendix 4 - Borrowing type borrowing and repayments, item 6 PDF 176 KB
- Appendix 5 - Disclosure for certainty rate, item 6 PDF 7 KB
- Appendix 6 - Lending List, item 6 PDF 144 KB
Decision:
1. That it be noted that the Council is continuing to operate within the Prudential and Treasury Management Indicators approved by Council, and also within the requirements set out in the Council’s approved Treasury Management Strategy for 2020-2021.
2. That it be noted that revenue underspends of £2.4 million for the General Revenue Account and £800,000 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 it be noted 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 would lower the minimum sovereign rating in the Annual Investment Strategy in line with the delegated authority approved by Council on 17 July 2020.
Minutes:
Councillor Louise Miles presented the progress report on Treasury Management Activity for the third quarter of 2020-2021 and highlights of the revised Prudential Indicators which were approved by Council on 3 March 2021.
Resolved:
1. That it be noted that the Council is continuing to operate within the Prudential and Treasury Management Indicators approved by Council, and also within the requirements set out in the Council’s approved Treasury Management Strategy for 2020-2021.
2. That it be noted that revenue underspends of £2.4 million for the General Revenue Account and £800,000 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 it be noted 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 would lower the minimum sovereign rating in the Annual Investment Strategy in line with the delegated authority approved by Council on 17 July 2020.