Issue - meetings

It was proposed by Councillor Yates, seconded by the Leader and Members agreed the recommendations detailed in the report, namely;

“That council:

·  Makes comments on this report and annexes as appropriate.

·  Approves this report and annexes, including the prudential and treasury indicators that are shown and the proposed changes to the 2020-21 Treasury Management Strategy Statement.”

Members considered the mid year review report. The council operates a balanced budget, which broadly means cash raised during the year will meet its cash expenditure. Part of the treasury management operations ensure this cash flow is adequately planned, with surplus monies being invested in low risk counterparties, providing adequate liquidity initially before considering optimising investment return. The second main function of the treasury management service is the funding of the council’s capital plans.

The 2020-21 Treasury Management Strategy Statement (TMSS) referred requires revision in the light of economic and operational movements during the year. The proposed change is to amend the 2020-21 TMSS so that the council may use investment counterparties with a minimum long term credit rating from at least one of Fitch, Moody’s and Standard and Poors (where rated) of A- (or equivalent), where this is currently given as A in the 2020-21 TMSS, that any such investments now be included as specified investments.

Councillor Yates proposed, Councillor Everitt seconded and Members:

1.  Made comments on the cabinet report and annexes as appropriate;

2.  Recommended to council for approval, the report and annexes, including the prudential and treasury indicators that are shown and the proposed changes to the 2020-21 Treasury Management Strategy Statement.