The purpose of this report is to update the Committee on the activity of the Treasury Management function for 2019/20 as at the end of August 2019.

Matt Davis, Assistant Director of Finance, submitted a report providing an update on the activity of the Treasury Management function for 2019/20 as at 31 August 2019. The report had appended a commentary on the economic backdrop for 2019/20 and a list of approved counterparties showing the limits of exposure to financial risk that might exist in terms of cash and time period.

The report stated that the Council was required to receive a report on its Treasury Managementactivity atleast twicea year,in accordancewith CIPFA’sCode of Practice on Treasury Management, which should include:

·       a reviewof theCouncil’s financialinvestment portfoliofor 2019/20as at31 August 2019;

·       a review of the Council’s borrowing strategy for2019/20;

·       a review of compliance with the Council’s Treasury and Prudential Limits for the first five months of 2019/20;and

·       an economic update for the first part of the financialyear.

The report confirmed that the Council had complied with all elements of its Treasury Management Strategy Statement (TMSS), as agreed by Council on 26 February 2019 (Minute 34 refers).

The report stated that the Minimum Revenue Provision (MRP) Statement for 2019/20 had been approved as part of the Council Tax and Budget Setting on 26 February 2019 (Minute 47 refers) and would be reviewed by Council on 25 February 2020, as part of its Treasury Management Strategy alongside consideration of the Medium Term Financial Strategy 2020/21 – 2022/23.

Resolved:      That the performance of the Treasury Management function for the five months to 31st August 2019 and the key issues emerging be noted.