Issue - meetings

This report sets out the monitoring of the Council’s Treasury Management function for the period 1 April 2019 to 31 March 2020.

A surplus of £1.4 million was achieved through higher investment returns and lower borrowing costs.

The report also sets out the Quarter One performance for 2020/21 which forecasts a £112,000 underspend caused by higher cash balances than previously assumed reducing the need to borrow in the short term.

The Assistant Chief Financial Officer presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix ‘B’ to these Minutes in the Minute Book.

The report provided monitoring of the Council’s Treasury Management function for the period 1 April 2019 to 31 March 2020 within the context of the economic background and particularly the impact of COVID19 on the BCP Council Treasury Management Policy. Schedules of borrowing and investment were set out and it was reported that a surplus of £1.4 million was achieved through higher investment returns and lower borrowing costs.

The report also included the Quarter One performance for 2020/21 which forecast a £112,000 underspend caused by higher cash balances than previously assumed, reducing the need to borrow in the short term

It was explained that it was a requirement under the Chartered Institute of Public Finance and Accountancy (CIPFA) Treasury Management Code of Practice that regular monitoring of the Treasury Management function was reported to Members.

RESOLVED that:-

(a)  the reported activity for the Treasury Management function for 2019/20 be noted;

(b)  the reported activity for the Treasury Management function for April to June 2020 be noted.

Voting: Unanimous.