Issue - meetings

To submit the report of the Director of Function (Resources)/Section 151 Officer.

It was resolved –

·        To note that the outturn figures in the report will remain provisional until the audit of the 2018/19 Statement of the accounts is completed and signed off; any resulting significant adjustments to the figures included in the report will be reported as appropriate.

·        To note the provisional 2018/19 prudential and treasury management indicators in the report.

·        To accept the annual treasury management report for 2018/19 and to forward the report to the Full Council without further comment.

The report of the Director of Function (Resources)/Section 151 incorporating the Annual Treasury Management Review for 2018/19 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that the Annual Review is the third in a series of reports which the Authority has to issue under treasury management reporting requirements – the Annual Treasury Management Strategy approved by Council in advance of the financial year and the mid-year review being the other two .The Annual Review for 2018/19 was scrutinised by the Audit and Governance Committee at its 23 July, 2019 meeting and was accepted by the committee without further comment. The report will be presented to the Full Council once it has been accepted by the Executive.

The Director of Function (Resources)/Section 151 Officer advised that due to the prevailing low interest rates the Treasury Management Strategy has largely remained unchanged from the previous year. However, as a result of low cash balances during the year (the Authority’s approach being to use cash where possible to fund capital expenditure), it was decided to borrow externally and in doing so the Council repaid £5m and took out new long-term borrowing to the value of £25m with the PWLB. Monitoring the Council’s cash flow on a daily basis is part of the strategy and ensures that the Council has sufficient cash available when it needs it.

It was resolved –

•           To note that the outturn figures in the report will remain provisional until the audit of the 2018/19 Statement of the accounts is completed and signed off; any resulting significant adjustments to the figures included in the report will be reported as appropriate.

•           To note the provisional 2018/19 prudential and treasury management indicators in the report.

•           To accept the annual treasury management report for 2018/19 and to forward the report to the Full Council without further comment.