Issue - meetings

That the Treasury Management Annual Report for 2020/21 be approved.

The Corporate Finance Manager introduced the report and explained that the Treasury Management Annual Report was required by the Council’s Financial Procedure Rules to be reviewed by the Governance and Audit Committee.  It was considered at their meeting on 28^th July 2021, and at Cabinet on 21^st September 2021.

A summary of the key points on the Annual Report was detailed in the covering report.

The recommendation in the report was moved by Councillor Paul Johnson and seconded by Councillor Chris Dolphin.

Councillor Paul Johnson thanked all officers involved in the preparation of the report, and for presenting it at Governance and Audit Committee and Cabinet.  He explained that the major influence on the UK economy in 2020/21 was the Covid-19 pandemic.  The Bank of England cut the Bank Rate to 0.1% and the UK Government provided a range of fiscal stimulus measures to support the economy through the unprecedented time.  Section 2 of the report provided a full economic and interest rate review for 2020/21.

As Chair of the responsible Committee scrutinising the Treasury Management Strategy and Policies, Councillor Dolphin confirmed that it had been considered by Governance and Audit Committee on 28^th July where it was supported.

In response to a question from Councillor Peers, the Corporate Finance Manager explained that North East Wales (NEW) Homes did not have the same access to Public Works Loan Board (PWLB) so the Council borrowed on their behalf and included an additional narrow margin which provided an income stream for the authority.  In response to a further question on interest rates, the Corporate Finance Manager said that the quarterly monitoring reports would provide full detailed information.  On investment activity, Councillor Peers asked what the return on investments was.  The Corporate Finance Manager explained that the aim was to always maximise investment opportunities and that best opportunities were considered at the time.

RESOLVED:

That the Treasury Management Annual Report for 2020/21 be approved.