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Decision details

Treasury Management Half Yearly Update Report 2019/20

Decision Maker: Executive Councillor for Finance and Resources

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

Recommend this report to Council, which includes the Council's estimated and Treasury Indicators 2019/20 to 2022/23. Also, to revise any counterparty limits as applicable.

Decision:

Matter for Decision

The Council had adopted The Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice on Treasury Management (Revised 2017).

 

The Code required as a minimum receipt by full Council of an Annual Treasury Management Strategy Statement which includes the Annual Investment Strategy and Minimum Revenue Provision Policy for the year ahead, a half-year review report and an Annual Report (stewardship report) covering activities in the previous year.

 

The half-year report had been prepared in accordance with CIPFA’s Code of Practice on Treasury Management and covers the following:-

 

·  The Council’s capital expenditure (prudential indicators);

·  A review of compliance with Treasury and Prudential Limits for 2019/20;

·  A review of the Council’s borrowing strategy for 2019/20;

·  A review of the Treasury Management Strategy Statement and Annual Investment Strategy;

·  A review of the Council’s investment portfolio for 2019/20; and;

·  An update on interest rate forecasts following economic news in the first half of the 2019/20 financial year.

 

In line with the Code of Practice, all treasury management reports have been presented to both Strategy & Resources Scrutiny Committee and to full Council.

 

Decision of Executive Councillor for Finance and Resources to recommend to Council to:

  i.  Approve the report which included the Council’s estimated Prudential and Treasury Indicators 2019/20 to 2022/23.

  ii.  Approve an increase in the Authorised Limit for External Debt from £300m to £400m (paragraph 5.3 of the officer’s report).

  iii.  Note the inclusion of loans to the Cambridge City Housing Company and Cambridge Investment Partnership on the Current Counterparty list shown in Appendix B of the officer’s report.

 

Reason for the Decision

As set out in the Officer’s report.

 

Any Alternative Options Considered and Rejected

Not applicable.

 

Scrutiny Considerations

The Committee received a report from the Head of Finance.

 

The Committee resolved by 3 votes to 0 to endorse the recommendations.

 

The Executive Councillor approved the recommendations.

 

Conflicts of Interest Declared by the Executive Councillor (and any Dispensations Granted)

No conflicts of interest were declared by the Executive Councillor.

 

 

Publication date: 23/01/2020

Date of decision: 07/10/2019