Agenda item

The Treasury Management and Investment Strategy had been summarised and discussed earlier in the meeting and Members were given the opportunity to raise any further issues.

The Committee asked about the macro-economic outlook and the impact of any future Government funding.  The Executive Director commented that local government had had a one-year spending review which meant there was uncertainty on Government grants and funding beyond 2021/22.  It was noted that the Revenue Support Grant made available to local authorities had been cut substantially in the past decade which meant the authority was more reliant on Council Tax and Business Rates income, which had fallen due to the Covid-19 pandemic.  In response to a query about the ability to meet borrowing costs it was confirmed that the borrowing was within the prudential limits.

Speaking under Rule 30, Councillor Strutton asked about the use of Covid-19 grants provided to the Council and the Executive Director explained the process and controls in place.  The Council had received approximately £20m to address the financial pressures and costs caused by Covid-19 and the budget included a ‘contingency pot’ of £6m in 2021/22 that could be drawn down by services if required and approved.  A further £30m of Government grants to local businesses had been administered by the Council and this funding had been ring-fenced.

At the conclusion of the discussion the Treasury Management and Investment Strategy was noted and no amendments or further recommendations were made to Cabinet.

Resolved –

(a)  That the Treasury Management & Investment Strategy 2021/22 be noted.

(b)  That it be noted that the Treasury Management & Investment Strategy would be considered by the Cabinet on 22^nd February 2021 and Council on 8^th March 2021.

(c)  That no amendments or further recommendations be made to Cabinet.