Issue - meetings

(a)       That having reviewed the draft Treasury Management Strategy 2021/22, the Committee has no specific issues to be reported to Cabinet on 16 February 2021; and

(b)       That the Treasury Management 2020/21 quarterly update be noted.

The Interim Finance Manager (Technical Accounting) presented the draft Treasury Management Strategy 2021/22 for review and recommendation to Cabinet, along with the quarterly update on Treasury Management activities for 2020/21 for information.

A number of minor changes had been made to the Strategy, mainly arising from the impact from the national emergency situation.  The prudent approaches to borrowing and investing continued and work was ongoing to meet additional requirements following changes to Welsh Government guidance on investments.  On the quarterly update for 2020/21, the Interim Finance Manager explained the basis for investment decisions made in the context of transitional Brexit arrangements, and the position on borrowing from the Public Works Loans Board (PWLB) due to changes to lending terms.

In response to questions from Allan Rainford, explanation was given on investment decisions made during the quarter and the option to explore forward starting loans as a future consideration.

Sally Ellis asked about the borrowing strategy and was informed that continued borrowing from the PWLB remained the most flexible and affordable option.

The Interim Finance Manager noted the request by Councillor Johnson for a future briefing session with Members on the Municipal Bonds Agency.

The recommendations were moved by Councillor Johnson and seconded by Sally Ellis.

RESOLVED:

(a)       That having reviewed the draft Treasury Management Strategy 2021/22, the Committee has no specific issues to be reported to Cabinet on 16 February 2021; and

(b)       That the Treasury Management 2020/21 quarterly update be noted.