Issue - meetings

[To approve the Treasury Management Activity Monitoring Quarter Three 2021-2022 report]

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 2021-2022.

2.      That it be noted that revenue underspends of £904,000 for the General Revenue Account and £720,000 for the Housing Revenue Account (HRA) are forecast from treasury management activities in 2021-2022, arising as a result of re-phasing of the capital programme and due to no borrowing being undertaken in 2020-2021 or so far in 2021-2022.

3.      That it be noted that mainly due to additional income being received than forecast over the Christmas period, the Council temporarily exceeded the limit of £10.0 million to be held in the Council’s bank account by £487,000 from 31 December 2021 until rectified on 4 January 2022.   

4.      That it be noted that there had been no change to the UK’s credit rating and therefore the Director of Finance had not been required to use the delegated authority approved by Council on 17 July 2020 to amend the Annual Investment Strategy.

Councillor Stephen Simkins presented the monitoring and progress report on Treasury Management activity for the third quarter of 2021-2022 and highlights of the revised Prudential Indicators which were approved by Council on 2 March 2022.

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 2021-2022.

2.    That it be noted that revenue underspends of £904,000 for the General Revenue Account and £720,000 for the Housing Revenue Account (HRA) are forecast from treasury management activities in 2021-2022, arising as a result of re-phasing of the capital programme and due to no borrowing being undertaken in 2020-2021 or so far in 2021-2022.

3.    That it be noted that mainly due to additional income being received than forecast over the Christmas period, the Council temporarily exceeded the limit of £10.0 million to be held in the Council’s bank account by £487,000 from 31 December 2021 until rectified on 4 January 2022.   

4.    That it be noted that there had been no change to the UK’s credit rating and therefore the Director of Finance had not been required to use the delegated authority approved by Council on 17 July 2020 to amend the Annual Investment Strategy.