Decision details

Treasury Management Report for the Year Ended 31 March 2019

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To inform the Cabinet of the Council's investment and borrowing activity during 2018/19 including both borrowing and investment decisions taken throughout the year in the light of the interest rates and economic conditions prevailing at the time.

Decisions:

“The UK economy faced an increasingly uncertain environment, as the risk of a no deal Brexit grew against a backdrop of slowing global economic growth.  Consequently, the County Council retained its Treasury Management Policy of using internal cash balances instead of borrowing money. This has delivered significant savings for taxpayers, as the infrastructure to deliver more skilled, better-paid jobs is being funded at a lower cost.”

 

Mike Sutherland, Cabinet Member for Finance

 

Reasons for the Decision – To inform the Cabinet of the Council’s investment and borrowing activity during 2018/19 including both borrowing and investment decisions taken throughout the year in the light of the interest rates and economic conditions prevailing at the time.

 

Decision – (a) That the treasury management activities for the year ended 31 March 2019, including the Prudential Indicators outturn detailed in Appendix 4 to the report, be noted.

 

(b) That the use of the Minimum Revenue Provision at 31 March 2019, as set out in paragraphs 30 and 31 of the report, be approved.

 

(c) That it be noted that the current Annual Investment Strategy is considered prudent and sufficiently robust to meet any market challenges created by the UK’s decision to leave the European Union and that Officers will continue to monitor the position. 

Report author: Johirul Alam

Publication date: 22/08/2019

Date of decision: 21/08/2019

Decided at meeting: 21/08/2019 - Cabinet

Effective from: 29/08/2019

Accompanying Documents: