Agenda item

To consider the attached report of the Head of Finance and Investment.

The Head of Finance and Investment presented the Treasury Management Quarter One and Two 2020/21 report to the Committee. The report provided details of the Council’s treasury management for the quarters ended 30 June 2020 (Q1) and 30 September 2020 (Q2). It was reported that the Council’s investment return for Q1 was 2.80% which outperformed the benchmark by 2.67% by 30 September 2020. The total forecast interest and dividends income for the year was £129k below the original budget estimate as at 30 June 2020 although a slight improvement as at 30 September 2020 was reported.

The Council had remained within most of its Treasury Management guidelines with an exception that the limit on short term borrowing had been exceeded earlier in the year, protecting the council’s cashflow whilst assessing the impact of the Coronavirus lockdown. The Prudential Code guidelines had been complied with during the period.

Members considered the report and various elements were explained and clarified. Members thanked the officers for their hard work in producing the report and congratulated the team for their hard work throughout the year.

RESOLVED:     That the Treasury Management Quarter 1 and 2 2020/21 report be received.