The Director of Finance and IT will submit Document “R” which reports on the Councils Treasury Mid-Year Review up to 30 September 2021.

The mid-year report has been prepared in compliance with CIPFA’s Code of Practice on Treasury Management, and covers the following:

• An economic update for the first half of the 2021/22 financial year.
• A review of the Treasury Management Strategy Statement and Annual Investment Strategy.
• The Council’s capital expenditure, as set out in the Capital Strategy, and prudential indicators.
• A review of the Council’s investment portfolio for 2021/22.
• A review of the Council’s borrowing strategy for 2021/22.
• A review of any debt rescheduling undertaken during 2021/22.
• A review of compliance with Treasury and Prudential Limits for 2021/22.

Recommended -

That the details in paragraph 3 of Document “R” be noted and the report be referred to the 14 December 2021 Council meeting for adoption.

                                                                        (David Willis – 01274 432361)

Resolved -

That the details in paragraph 3 of Document “R” be noted and the report be referred to the 14 December 2021 Council meeting for adoption.

Action:  Director of Finance and IT/Governance, Scrutiny and Members Support Manager

                                                                        (David Willis – 01274 432361)

The Director of Finance and IT submitted Document “R” which reported on the Council’s Treasury Mid-Year Review up to 30 September 2021.

The mid-year report had been prepared in compliance with CIPFA’s Code of Practice on Treasury Management, and covered the following:

• An economic update for the first half of the 2021/22 financial year.
• A review of the Treasury Management Strategy Statement and Annual Investment Strategy.
• The Council’s capital expenditure, as set out in the Capital Strategy, and prudential indicators.
• A review of the Council’s investment portfolio for 2021/22.
• A review of the Council’s borrowing strategy for 2021/22.
• A review of any debt rescheduling undertaken during 2021/22.
• A review of compliance with Treasury and Prudential Limits for 2021/22.

It was reported that a new potential source of borrowing was now available for Local Authorities the UK Infrastructure Bank. The Bank was able to lend to Councils for infrastructure and climate change schemes with a value of over £5million at a rate of gilts plus 60bp.

With this in mind it was recommended that the Council add the UK Infrastructure Bank to its list of approved sources of borrowing.

In response to Members questions it was reported that Covid had had an impact on some capital projects being delayed; the need and the right time to borrow was constantly examined; the Authority had 5 LOBO (Lender Option Borrower Option) loans.

Resolved -

That the details in paragraph 3 of Document “R” be noted (UK Infrastructure Bank) and the report be referred to the 14 December 2021 Council meeting for adoption.

Action:  Director of Finance and IT/Governance, Scrutiny and Members Support Manager