Issue - meetings

Council is recommended to note:

1. 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 2018-2019.

2. That a revenue net overspend of £2.2 million for the General Revenue Account and an underspend of £195,000 for the Housing Revenue Account were generated from treasury management activities in 2018-2019.

3. A break even position for the General Revenue Account and an underspend of £910,000 for the Housing Revenue Account are forecast from treasury management activities in 2019-2020.

Cabinet resolved:

1. That it be noted that £1.4 million was drawn down from the Treasury Management Equalisation Reserve in 2018-2019 in line with the approved budget.

2. That it be noted that during 2018-2019, it was projected that there would be an overspend against the General Revenue Account Treasury Management budget in the region of £2.0 million, primarily as a result of an increase in Minimum Revenue Provision charges following a review. Cabinet (Resources) Panel approved that the overspend could be met by a further draw down from the Treasury Management Equalisation Reserve, however, due to other underspends across the Corporate Directorate this was not required.

Councillor Louise Miles presented the Treasury Management-Annual Report 2018-2019 and Activity Monitoring Quarter One 2019-2020 for noting and recommendation to Council. The report set out the results of treasury management activities carried out in 2018-2019, together with performance against the Prudential Indicators previously approved by Council. It also provided a monitoring and progress report on treasury management

activity for the first quarter of 2019-2020, in line with the Prudential Indicators approved by Council in March 2019.

Resolved:

Council is recommended to note:

1. 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 2018-2019.

2. That a revenue net overspend of £2.2 million for the General Revenue Account and an underspend of £195,000 for the Housing Revenue Account were generated from treasury management activities in 2018-2019.

3. A break even position for the General Revenue Account and an underspend of £910,000 for the Housing Revenue Account are forecast from treasury management activities in 2019-2020.

Cabinet resolved:

1. That it be noted that £1.4 million was drawn down from the Treasury Management Equalisation Reserve in 2018-2019 in line with the approved budget.

2. That it be noted that during 2018-2019, it was projected that there would be an overspend against the General Revenue Account Treasury Management budget in the region of £2.0 million, primarily as a result of an increase in Minimum Revenue Provision charges following a review. Cabinet (Resources) Panel approved that the overspend could be met by a further draw down from the Treasury Management Equalisation Reserve, however, due to other underspends across the Corporate Directorate this was not required.