Issue - meetings

Cabinet, at its meeting on 4 December 2020, will consider a monitoring report on the treasury management activities for the first six months of 2020/21 and an update on the current economic conditions with a view to the remainder of the year. 

The Joint Audit and Governance Committee considered the report at its meeting on 26 November 2020. The committee resolved to note the treasury management mid-year monitoring report 2020/21 and was satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy.

The report of the interim head of finance, which Cabinet will consider on 4 December 2020, is attached.

Cabinet’s recommendations will be circulated to all councillors.

Council considered Cabinet’s recommendations, made at its meeting on 4 December 2020, on the treasury management mid-year monitoring report for the financial year 2020/21.

The Joint Audit and Governance Committee and Cabinet had considered the head of finance’s report and were satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy.

RESOLVED: to

1.    note that the Joint Audit and Governance Committee is satisfied that the treasury activities have been carried out in accordance with the treasury management strategy and policy; and

2.    approve the treasury management mid-year monitoring report 2020/21.

To consider the interim head of finance’s report. 

Cabinet considered the report of the interim head of finance.  This set out a review of the treasury management performance at the mid-point of the 2020/21 financial year.  The report projected that the Vale could be marginally over budget at the year end.  However, officers expressed caution a relying on this projection due to the current low interest rates.  At the mid-year point though, there had been no need for the council to borrow funds.  Cabinet noted that the mid-year returns had been achieved within the counterparty limits and the prudential indicators set out in the treasury management strategy 2020/21. 

The report had been considered by the Joint Audit and Governance Committee at its meeting on 26 November 2020.  The committee had been satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy.  Cabinet concurred and recommended Council accordingly. 

RECOMMENDED to Council on 9 December 2020 to:

(a)      note that the Joint Audit and Governance Committee is satisfied that the treasury activities have been carried out in accordance with the treasury management strategy and policy; and

(b)      approve the treasury management mid-year monitoring report 2020/21.