Cabinet considered the head of finance’s report, which showed the treasury outturn for the 2021/22 financial year. The report had been considered by the Joint Audit and Governance Committee, which recommended to Cabinet to note that the committee was satisfied that the council’s treasury activities in 2021/22 had been carried out in accordance with the treasury management strategy and policy.
Cabinet noted that towards the end of the 2021/22 financial year, interest rates had begun to rise, resulting in increased income on the council’s financial investments. As such, the budget target income had been exceeded. Performance of the in-house managed portfolio exceeded benchmarks. Externally managed performance was modestly below benchmarks. There had been no breaches of the counterparty limits or prudential indicators during the year.
Cabinet welcomed the report and thanked the Joint Audit and Governance Committee and officers for their work.
(a) note that Joint Audit and Governance Committee is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy;
RECOMMENDED to Council to:
(b) approve the treasury management outturn report for 2021/22; and
(c) approve the actual 2021/22 prudential indicators within the report.