Issue - items at meetings - KD 5214 - Half Yearly Treasury Position 2020/21

Issue - meetings

KD 5214 - Half Yearly Treasury Position 2020/21

Meeting: 11/11/2020 - Cabinet (Item 10)

10 Treasury Management Mid Year Report for 2020/21 pdf icon PDF 142 KB

A report from the Executive Director – Resources is attached. (Key decision – reference number 5214)

 

 

 

Minutes:

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources reviewing the activities of the Council’s Treasury Management function over the half year period ended 30 September 2020.

 

NOTED

 

1.            That over the reporting period, all treasury management activities had been carried out in accordance with the approved limits and the prudential indicators set out in the Council’s Treasury Management Strategy statement.

 

2.            The key points outlined as summarised in paragraph 3 of the report.

 

3.            The cost of borrowing and interest rates as detailed in the report were highlighted for Members’ attention. The economic background was set out in paragraphs 16 to 23 of the report. The Council had 95 loans spread over 50 years with the average maturity being 29 years.

 

4.            That Appendix 1 of the report set out an additional policy for 2020/21 Enfield Treasury Management Strategy Statement for approval by the Council which would strengthen the current governance arrangements.

 

5.            In conclusion, the Council’s commitment to investing in the Borough for long-term transformational benefits was highlighted. The major and significant projects included within the capital programme were noted.

 

6.            That the capital programme was reflected in the Council’s medium-term financial plan, was affordable and financially resilient. Continued investment in the Borough was important for its long-term sustainability. The programme was ambitious and would be of benefit to the Borough and its residents.

 

Alternative Options Considered: NOTED, that the CIPFA Treasury Management code required that the Council established arrangements for monitoring its investments and borrowing activities hence the performance and activities of the Council’s treasury operations was being reported to the Cabinet on a regular basis. This report was required to comply with the Council’s Treasury Management Policy statement, agreed by Council.

 

DECISION: The Cabinet agreed to

 

1.            Note the report and made the comments detailed above.

 

2.            Recommend that Council consider and note the 2020/21 Mid-year treasury management position and approve the additional policy for 2020/21 Enfield Treasury Management Strategy Statement attached as Appendix 1 to the report.

 

Reason: To inform Council of the Treasury Management performance for the half year period ended 30 September 2020.

(Key decision – reference number 5214)