Issue - meetings

Report of the Head of Finance

The committee received a report of the Head of Finance providing details of the 2021/22 mid-year review of the Treasury Management Function.

The Head of Finance introduced the report.  She highlighted the key aspects from the report regarding capital financing requirements, the current borrowing position to the revised estimate of £85 million and the government’s debt management office rates changes.

In response to members’ questions on negative interest rates, the Head of Finance explained that to ensure a diverse portfolio and to manage credit risk it may be appropriate at times to invest in a negative interest rate. In response to a further question regarding the borrowing requirement being less than forecast, the Head of Finance responded that there was £48million less of capital expenditure than originally planned, details could be found in the quarter 2 budget monitoring report but the large numbers were due to draw downs for joint ventures.

RESOLVED –

that the report be noted.