Issue - meetings

Consideration was given to the report of the Chief Officer Resources which was presented to give Members the opportunity to scrutinise the Treasury Management activities carried out by the Authority during the first half of the 2021/22 financial year.

The Chief Officer Resources spoke to the report and highlighted the main points contained therein.

In response to a Member’s question regarding the short term investments made, the Chief Officer Resources explained that all the individual loans would have totalled £692,000,000, however the Council would not have had that amount of investment at any one time but may have had 20 loans at £5 million each for short periods of time.  She explained it was more beneficial to borrow short term than to borrow long term because of the level of interest rates currently operating in the market.

A Member referred to the treasury position as at 30 September 2021, the Chief Officer Resources explained that the table showed a decrease as borrowing levels had reduced as the Council borrowed less on 30th September, 2021 compared to 31st March 2021.  

The Committee AGREED to recommend that the report be accepted and endorse Option 2; namely that Members scrutinised the treasury management activity undertaken during the 2021/22 financial year and did not provide comment prior to its submission to full Council.