Issue - meetings

Report by Director of Finance (CC13).

The report sets out the Treasury Management activity undertaken in the financial year 2019/20 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator Outturn, Investment Strategy, and interest receivable and payable for the financial year.

Council is RECOMMENDED to note the Council’s Treasury Management Activity in 2019/20.

Recommendations agreed nem con.

Council had before it a report (CC13) which set out the Treasury Management activity undertaken in the financial year 2019/20 in compliance with the CIPFA Code of Practice.  The report included Debt and Investment activity, Prudential Indicator Outturn, Investment Strategy, and interest receivable and payable for the financial year.

Councillor Bartholomew moved and Councillor Carter seconded the recommendations as set out in the report and on the face of the Agenda.  In moving the recommendations, Councillor Bartholomew paid tribute to the Treasury Manangement Team for the excellent report.

Following debate, the motion was put to the vote and was carried nem con.

RESOLVED: (nem con) to note the Council’s Treasury Management Activity in 2019/20.

Cabinet Member: Finance

Forward Plan Ref: 2020/027

Contact: Tim Chapple, Treasury Manager Tel: 07917 262935

Report by Director of Finance (CA9).

The report sets out the Treasury Management activity undertaken in the financial year 2019/20 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator Outturn, Investment Strategy, and interest receivable and payable for the financial year.

Cabinet is RECOMMENDED to note the report, and to RECOMMEND Council to note the Council’s Treasury Management Activity in 2019/20.

Recommendation agreed.

Cabinet had before them a report that set out the Treasury Management activity undertaken in the financial year 2019/20 in compliance with the CIPFA Code of Practice.  The report included Debt and Investment activity, Prudential Indicator Outturn, Investment Strategy, and interest receivable and payable for the financial year.

Councillor Glynis Phillips, Shadow Cabinet Member for Finance highlighted aspects of the report commenting that there was little cause for concern overall.

Councillor Phillips went on to refer to the higher than average allocation to local authority deposits and queried what would happen in the event of one of those local authorities issuing a S114 Notice.

Councillor Phillips also commented that there was talk of devolution and it would be helpful to hear what would become of loans to a local authority that ceased under devolution arrangements

Councillor Phillips asked whether Cabinet was considering external borrowing. to reduce the scale of cuts to services.

Councillor Bartholomew responded to the points made.  He commented that if a council issued a S114 Notice it would preclude them from entering into any new arrangements but that existing arrangements would stand. Similarly, if a council ceased to exist due to devolution its commitments and undertakings would transfer to the new authority. There would be potential timing issues in both such circumstances, but the Treasury Management team would manage the liquidity risk internally as OCC had high liquid balances.

In response to the query on external borrowing Councillor Bartholomew commented that the Council had no need for external borrowing due to the very healthy cash reserves.

Councillor Bartholomew introduced the contents of the report thanking the Director of Finance and the Finance Management team for the production of the report.

Councillor Heathcoat thanked the  Director of Finance and her team as it had been a very challenging time.

RESOLVED:             to note the report, and to RECOMMEND Council to note the Council’s Treasury Management Activity in 2019/20.