Cabinet considered the head of finance’s report, which monitored the council’s treasury management performance in the first six months of 2021/22. The report, written as at 30 September 2021, showed that the income from treasury activities was under the budget forecast; this was largely due to the lower than expected interest rates during that period. However, the council’s performance had exceeded all benchmarks and there had been no need to borrow funds during the first six months of the financial year, nor was there any expectation to borrow during the remainder of the year. The treasury activities had also been carried out within the prudential indicators and counterparty limits set out in the 2021/22 treasury management strategy. Cabinet noted a correction that in paragraph 25 of the report; the interest rates quoted should be amended from 10 per cent and 25 per cent to read 0.1 per cent and 0.25 per cent respectively.
The Joint Audit and Governance Committee had considered the report on 30 November 2021 and was content that the treasury management activities had been carried out in accordance with the treasury management strategy and policy. Cabinet concurred and thanked officers and the committee for their work in managing the council’s treasury management performance.
RECOMMENDED to Council to:
(a) note the treasury management mid-year monitoring report 2021/22; and
(b) note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy.