Cabinet considered the head of finance’s outturn report on the council’s treasury management activities in 2020/21.
The Cabinet member reported that, despite a difficult operating environment, the council continued to make investments during 2020/21 that maintained security and liquidity, whilst providing a return that mostly exceeded market benchmarks. The Joint Audit and Governance Committee had considered the report and was satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy.
Cabinet concurred, noting that during the year, the council’s performance had exceeded its budget target during a difficult year with the Covid-19 pandemic. The strong performance had been the result of cash balances being higher during the year and with better interest rates than expected. In addition, there had been no breaches of the prudential limits. Cabinet welcomed the report and thanked officers for their work.
RECOMMENDED to Council to:
(a) approve the treasury management outturn report for 2020/21; and
(b) approve the actual 2020/21 prudential indicators within the report.