To receive a report from the Chief Finance Officer on the performance of the Treasury Management activity over the first half of the financial year.
Executive Councillor: J A Gray
Contact: C Edwards: 01480 388822
Cabinet noted the treasury management performance for the second six months of 2019/20 and has recommended the report to Council for consideration.
Consideration was given to a report by the Chief Finance Officer (a copy of which is appended in the Minute Book) summarising the Council’s treasury management activity over the second half of the 2019/20 financial year which included investment and borrowing activity and treasury performance.
The Executive Councillor for Finance and Resources reported that investments had generated £3.6m of income for the Council in 2019/20 which represented a rate of return of 6.5% which was welcomed by the Cabinet. The Chief Finance Officer then went on to report that owing to the COVID-19 pandemic there had been a reduction in the valuation of properties and expressed her view that this would be a temporary issue over the next 6-12 months as the market recovered.
In response to a question raised by a Member, it was confirmed that the valuation of the properties had been undertaken by a third party as at 31 March 2020. Whereupon, it was
(a) that the treasury management performance for the second six months of 2019/20 be noted; and
(b) that the Council be recommended to consider the content of the report.
The Treasury Management Six Month Performance Report is to be presented to the Panel.
Contact: C Edwards 01480 382179
With the aid of a report by the Chief Finance Officer (a copy of which has been appended in the Minute Book) the treasury management performance of the Council for the six month period between 1st October 2019 and 31st March 2020 was presented to the Panel.
After the short introduction by the Executive Councillor for Finance and Resources and the Chief Finance Officer, the Panel did not make any comments in relation to this report.