The Leader presented report FIN/473 of the Head of Corporate Finance on the Treasury Management Outturn for 2018/19. The Cabinet was informed that Councillors were required under regulations to regularly review and scrutinise the Council’s treasury management policy and performance. The report provided details of the outturn position for treasury activities and highlighted compliance with the Council’s policies previously approved by Councillors. The report also meets the requirements of both the CIPFA Code of Practice on Treasury Management (the Code) and the CIPFA Local Authorities (the Prudential Code).

The Cabinet was notified of some amendments which included paragraph 6.1, ‘Maturity Structure of Debt Portfolio. 24 Months to 5 Years – should have read £23m rather than £13m’ and as result some of the percentages in the associated table were incorrect. Also it was noted that in Appendix 2, the last pie chart (Sector Diversification) did not a line with the table in Appendix 1 in relation to Corporate Bonds.

Councillor Rana presented the Overview and Scrutiny Commission’s comments on the report to the Cabinet following consideration of the matter at its meeting on 24 June 2019. The Cabinet noted the Commission’s comments.

RESOLVED

That the Cabinet approves the actual 2018/19 Prudential and Treasury Indicators as set out in report FIN/473; and notes the Annual Treasury Management Report for 2018/19.

Reasons for the Recommendations

The Council’s financial regulations, in accordance with the CIPFA Code of Practice for Treasury Management, requires an annual review following the end of the year describing the activity compared to the Strategy. This report complies with these requirements.