Decision details

Summary

The 2021/22 Annual Treasury Management Report was presented by the Finance and Assets Portfolio Holder. The report reviewed the treasury activities and the actual prudential and treasury activities and the actual prudential and treasury indicators for the 2021/22 financial year, meeting the requirement of the Local Government Act 2003, the CIPFA Code of Practice on Treasury Management and the CIPFA Code for Capital Finance in Local Authorities.

The level of external debt remained at £12.8 million, below the Capital Requirement of £24 million which showed that the Council had not funded revenue activity through borrowing, a key prudential indicator which has helped to avoid incurring higher borrowing costs in the future.

The Finance and Assets Portfolio Holder referred to the current inflation levels and highlighted that inflation was expected to continue to rise amongst a perfect storm of issues and therefore, the Bank Rate was expected to rise further during 2022/23 from its current level of 1%.

Decision

RESOLVED – That

(1)        Council be recommended to approve the 2021/22 Annual Treasury Management Report.

Reasons for Decision

This reports shows performance against the 2021/22 Treasury Management Strategy, which forms part of the corporate governance arrangements that support all Council plan priorities.

Alternative Options Considered and Rejected

There are no alternative options, the report presents historic data on treasury performance during 2021/22