Decision details

Cabinet resolved to:

(i)  Approve the revised 2019/20 Minimum Revenue Provision at Appendix 1 to the report;

(ii)  Note the Treasury Management Strategy Statement Mid-Year Review 2019/20;

(iii)  Note that in the first half of the 2019/20 financial year the Council complied with all 2019/20 treasury management indicators;

(iv)  Note the value of the treasury investments as at 30 September 2019 totalled £330.7m;

(v)  Note the value of the commercial and residential loans lent by the Council as at 31 March 2019 totalled £76.6m;

(vi)  Note the value of long term borrowing as at 30 September 2019 totalled £785.3m. This is split with £275.9m of Housing Revenue Account borrowing and £509.4m of General Fund borrowing. This comprised market, Public Works Loan Board (PWLB), Local Authority and European Investment Bank loans;

(vii)  Note the value of short term borrowing as at 30 September 2019 totalled £130.0m; and,

(viii)  Note the increase in the interest rates offered on new PWLB loans by 1.0% on top of existing loans terms of 0.8%, which equates to a margin of 1.8% above the relevant gilt yield.