Issue - meetings

Treasury Management Monitoring Report to 30th September 2020

Meeting: 12/11/2020 - Council (Item 51)

51 TREASURY MANAGEMENT MONITORING REPORTS TO 30TH SEPTEMBER 2020 pdf icon PDF 495 KB

This report gives details of performance against the Council’s Treasury Management Strategy for 2020/21 for the first six months of 2020/21.

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Minutes:

The Council is required to approve a Treasury Management Strategy before the start of each financial year, review performance during the year, and approve an annual report after the end of each financial year.  This report gives details of performance against the Council’s Treasury Management Strategy for 2020/21 for the first six months of 2020/21.

 

On a motion from Councillor Richard Samuel, seconded by Councillor Paul Myers, it was unanimously

 

RESOLVED to agree that;

 

1.  The Treasury Management Report to 30th September 2020, prepared in accordance with the CIPFA Treasury Code of Practice, is noted; and

 

2.  The Treasury Management Indicators to 30th September 2020 are noted.

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Meeting: 05/11/2020 - Cabinet (Item 67)

67 Treasury Management Monitoring Report to 30th September 2020 pdf icon PDF 496 KB

In February 2012 the Council adopted the 2011 edition of the CIPFA Treasury Management in the Public Services: Code of Practice, which requires the Council to approve a Treasury Management Strategy before the start of each financial year, review performance during the year, and approve an annual report after the end of each financial year.

This report gives details of performance against the Council’s Treasury Management Strategy for 2020/21 for the first six months of 2020/21

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Minutes:

Councillor Richard Samuel introduced the report by saying that this was a standard report for the Cabinet to consider.  Councillor Samuel highlighted very low returns on investment that have been received, although these were still above what was a very low benchmark.  All the indicators that the Council had previously agreed and all of the indicators on Treasury performance were within the target. Councillor Samuel also added that COVID19 restrictions would continue over the next year and would have consequent financial and economic impacts until a mass vaccine is found and distributed to the wider population.  The pandemic would not go away quickly which was important to consider in terms of how the Council would invest in the foreseeable future. This was something that would be reflected in the next Council’s Budget.

 

Councillor Richard Samuel moved the recommendations.

 

Councillor Sarah Warren seconded the motion by saying that the Council was currently actively engaging with the Treasury advisors, with regard to disinvesting 4-8% of Council’s Treasury funds that remain indirectly invested in fossil fuels, and that was inevitably a gradual process that would need to balance any financial risks that might result in order to safeguard Council funds at a time of ongoing cuts and COVID19 related losses. However, any risks associated with a greener investment portfolio would need to be weighed relative to the alternatives. Councillor Warren expressed her hope that a future Treasury report would be able to publish a timeframe for disinvestment of Treasury reserves from fossil fuels.

 

Councillor Samuel added that he would seriously Councillor Warren’s points on disinvesting in fossil fuels, but for the moment the Council was in transitional period. Councillor Samuel also said that he was sure that over time this and most of other Councils would move away from fossil fuel investment.

 

RESOLVED (unanimously) that the Cabinet agreed to:

 

1)  The Treasury Management Report to 30th September 2020, prepared in accordance with the CIPFA Treasury Code of Practice, is noted.

2)  The Treasury Management Indicators to 30th September 2020 are noted.

3)  This Treasury Management Report and attached appendices are reported to November Council and December Corporate Audit Committee.

 

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