Issue - meetings

To consider a report of the Deputy Chief Executive (S151) informing the Cabinet of the treasury performance during the first six months of 2021/22, to agree the ongoing deposit strategy for the remainder of 2021/22 and a review of compliance with Treasury and Prudential Limits for 2021/22.

The Cabinet had before it a * report of the Deputy Chief Executive (S151) informing the Cabinet of the treasury performance during the first six months of 2021/22, to agree the ongoing deposit strategy for the remainder of 2021/22 and a review of compliance with Treasury and Prudential Limits for 2021/22.

The Cabinet Member for Finance outlined the contents of the report stating that the Mid-Year Treasury Management Report provided a performance update on the first half of 2021/22.  Overall, it showed a relatively positive situation.  The interest that had been earned was above budget despite historic low interest rates.  Furthermore, no additional borrowing had been required due to current positive cash balances and lower than expected capital expenditure.

Cabinet was being asked to recommend to Council that this authority continued with the current treasury policy at Section 6 on the basis that it was evidently working well and that no major change was forecast in the next 6 months.  Cabinet was also being requested to recommend to Council that the Capital Financing Requirement set out at Section 5 and the Operational Boundaries and Authorised Limits set out in Section 7 for the current year be updated to reflect current forecasts.  He also made a correction to the paragraphs mentioned in the recommendation in the report.

Consideration was given to the statement that no short term borrowing had taken place and whether this included borrowing from cash reserves – it was explained that no external short term funding had taken place.

(Proposed by Cllr B A Moore and seconded by Cllr D J Knowles)

Note:  *Report previously circulated, copy attached to minutes.