Cabinet discussed a summarised backward look on the council’s treasury management activity for 2020-21. The figures that were provided at the meeting were provisional because the council’s 2020-21 accounts had not yet been audited, and these figures were therefore subject to change until the audit is completed.
The meeting was advised that the regulatory environment placed responsibility on Members to review and scrutinise the treasury management policy and activities of the council. For that reason, the report was therefore considered important as it provided details of the 2020-21 year-end position for treasury activities.
Cabinet were pleased to note that the reported council activities operated within the limits agreed by Members, and particularly noted the key messages summarised as follows:
1. That the council’s capital expenditure was significantly under budget, as detailed in the following budget outturn report;
2. That the council repaid £631,000 of debt during the year and undertook no new borrowing;
3. That the council’s average debt position was £25million and the council did not borrow more money than was needed to finance the capital programme;
4. As such, the council stayed well within its authorised limit of £109million.
Councillor Saunders proposed, Councillor Bob Bayford seconded and Cabinet agreed the following:
1. To note the actual 2020-21 prudential and treasury indicators in the Cabinet report;
2. To make comments on and note as appropriate the Annual Treasury Management Report for 2020-21;
3. To recommend the report to council for approval.