Issue - meetings

Councillor S. Buttar

To note the treasury position achieved during the first six months of 2020/21 and the financial environment in global markets.

Cabinet considered the Treasury Management Half Yearly Report 2020/21.

The report outlined the treasury activity during the half year, the associated monitoring and control of risks and the financial environment in global markets.

At 30 September 2020 the Councils borrowing totalled £1,153m of which £1,052m was loans from the PWLB (Public Works Loan Board) and £101m from local authorities.

The Council’s investment portfolio totalled £122m as at 30 September 2020.  This included externally managed strategic funds of £33m with an income return of 3.6%.

Resolved to note the treasury position achieved during the first six months of 2020/21 and the financial environment in global markets.

To note the half-yearly report on the treasury management position.

The Deputy Chief Accountant introduced the report.

The Committee scrutinised the report and noted that it reflected the position as at the end of September 2020.

The Committee acknowledged that the report could have been timelier but had been delayed due to a number of challenges including those relating to COVID and staffing changes and timing of the November Committee meeting.

Members of the Committee agreed that they would like the Council to review their investments with a view that they seek to identify ethical investment opportunities. Officers advised that this had been noted and Arlingclose were aware and had made the point that they needed to balance the financial interests of the Council. Councillors Buttar and Noble also confirmed that Cabinet were mindful of the Committees wishes on this matter.

The Committee agreed to note the report.