Issue - meetings

That the Committee notes the draft Treasury Management Mid-Year Report 2020/21 and confirms that there are no matters to be drawn to the attention of Cabinet on 15 December 2020.

The Interim Finance Manager (Technical Accountancy) presented the draft Treasury Management mid-year report for 2020/21 to recommend to Cabinet, together with an update on Quarter 2 activities received for information.

Amongst the key points were the impact of the emergency situation, the continuation of low interest rates and ongoing use of short-term borrowing.  As part of the update on Quarter 2, it was noted that the outcome of consultation on the future of Public Works Loans Board (PWLB) was awaited, on which the Council had made representations.

In response to questions from Allan Rainford, the Interim Finance Manager described the effectiveness of regular communications and information sharing between the teams during the pandemic.  He provided information on interest-free loans from the Government which were subject to criteria and the approach to borrowing due to uncertainty on the current situation.

On the investment portfolio, Councillor Johnson was informed that investments with the Debt Management Office reflected the cautious approach being taken during the emergency situation and that differences in interest rates for short-term borrowing were due to timings.

In welcoming the report, Councillor Banks took the opportunity to encourage all Members to attend one of the two Treasury Management training sessions in December.

The recommendation was moved and seconded by Councillors Johnson and Dunbobbin.

RESOLVED:

That the Committee notes the draft Treasury Management Mid-Year Report 2020/21 and confirms that there are no matters to be drawn to the attention of Cabinet on 15 December 2020.