Issue - meetings

That the Treasury Management Mid-Year Report 2021/22 be approved.

The Corporate Finance Manager introduced the report which presented the Treasury Management Mid-Year Report 2021/22 for approval.

            At a meeting of the Governance and Audit Committee on 17^th November 2021 Members reviewed the Mid-Year report and recommended it to Cabinet.  Cabinet received the Mid-Year report on 18^th January 2022 and recommended to Council for approval.

            Councillor Johnson thanked the Corporate Finance Manager and his team for the work done on the report, and for the Treasury Management training provided to Members.

            Councillor Peers commented on the annual interest on long term borrowing and said it needed to be reduced as much as possible as it was currently over £1m a month. 

            Councillor Bithell asked with inflation being over 4% at the moment, could that result in a rise in interest rates.  The Corporate Finance Manager explained that the Council was in constant contact with its advisors on the economic forecast moving forward as there was a chance interest rates could rise and have an impact on the Council’s borrowing.  However, when borrowing costs were budgeted, they were done so prudently for that reason.

The recommendations in the report were moved by Councillor Paul Johnson and seconded by Councillor Ian Roberts.

RESOLVED:

That the Treasury Management Mid-Year Report 2021/22 be approved.