Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council note the Treasury Management report in respect of the first six months of the 2020/21 financial year.

Reason for Decision: As set out in the report.

The Executive received the report on the current Treasury Management performance for the 2020/21 financial year and the position regarding investments and borrowings at 30 September 2020.

The Director Finance advised that:-

·         with a bank rate of 0.1% it was difficult to generate interest on short term funds to lend to other local authorities and that the Government had placed a charge of 0.02% for Council’s to deposit money in its overnight deposit fund run by the Debt Management Office; and

·         as part of the Comprehensive Spending Review, the Government had withdrawn the ability for local authorities to borrow from the Public Loans Work Board to invest in commercial property but had reduced the borrowing rate by a full 1%.

RECOMMENDED that Council note the Treasury Management report in respect of the first six months of the 2020/21 financial year.