To consider a report of the Executive Member for Finance and Investment and Corporate Director, Finance and Systems.

The Executive Member for Finance and Investment and the Corporate Director of Finance and Systemssubmitted a report which outlined the key treasury management activities undertaken during 2019/20, including: compliance with legislative and regulatory requirements, including all treasury management prudential indicators; average levels of external debt and interest rates payable for 2019/20, and comparisons with the previous year; average levels of treasury investments for 2019/20 and rates of return; and net budget savings of £(1.2)m generated mainly as a result of increased levels of income received from Manchester Airport Holding Limited. Members were advised that the report was also to be referred to the Executive and Council.

In discussion, Members raised issues and queries, including in relation to rates of debt supporting the Capital Investment Programme, and associated funding sources and consequences; possible implications of the Covid-19 pandemic for the performance of retail investment assets, and the concept of under-borrowing, including its relationship with the level of the Council’s reserves.

            RESOLVED –

(1)       That the Treasury Management activities undertaken in 2019/20 be noted and approved.

(2)       That the Executive and Council be recommended to note the content of the report.