Issue - meetings

The Chairman of the Corporate Policy and Resources Committee presented the Annual Treasury Management Report 2021/22, which stood recommended by her Committee.  Full Council were asked to accept the recommendation from the Corporate Policy and Resources Committee and approve the Annual Treasury Management Report and Actual Prudential Indicators 2021/22.

The report summarised the Treasury outturn for 2021-22 and confirmed compliance with both the Treasury Management Strategy and Prudential Borrowing requirements. The report also advised on the Prudential Indicators as at the end of the financial year.

Members were advised the three main financial implications arising from the report were:

·       Treasury Investment activities had generated £0.167m of investment interest at an average rate of 0.762%;

·       Non-Treasury investments (Investment Property acquisitions) had generated a gross yield of 6.79%; and

·       Financing activities had resulted in a total of £21.5m of external borrowing at a cost in year of £0.372m.

Having been moved and seconded it was: -

RESOLVED that the recommendation from the Corporate Policy and Resources Committee be accepted and the Annual Treasury Management Report and actual Prudential Indicators 2021/22 be approved.

Members gave consideration to the Annual Treasury Management report, providing details of Annual Treasury Management activities and prudential indicators for 2021-22 in accordance with the Local Government Act 2003. It was explained this would be reported to Full Council for approval.

Note:              Councillor R. Patterson arrived.

There was significant concern expressed by Members regarding the current national financial situation, with interest rates rising and likely to continue to do so. Members were offered assurance that such increases in interest rates were monitored closely, with relevant action taken as necessary, with advice sought from independent treasury advisors.

Members of the Committee emphasised the need for financial stability for the Council given the national picture, with further assurance being provided regarding, for example, the Council’s borrowing strategy.

On being proposed and seconded, the Chairman called the vote and it was unanimously

RESOLVED that the Annual Treasury Management Report and actual Prudential Indicators 2021/22 be proposed to Full Council for approval.