Reporting Person – Leigh Clarke
The Executive received a report on Treasury Management performance for 2020-21 in accordance with the Council’s policy on Treasury Management. Following a question regarding plans for repayment of loans, the Executive was informed that all the annuity loans were repaid over the life of the loan with payments being part interest and part principal repayment. It was explained that the revenue budget incorporated the interest costs and the principal repayments as part of the MRP (minimum revenue provision) and therefore the budget made provision for repayment. It was noted that the payback term on loans to subsidiaries were different depending on the loan facility agreed by the Council.
The Executive was advised that the Victoria Square model would be updated again with the latest assumptions over the summer due to higher interest rates.
That the annual report on Treasury Management performance for 2020/21 be received, and the compliance with the Council’s approved arrangements be noted.
Reason: To receive the annual report on Treasury Management performance for 2020/21 in accordance with the Council’s policy on Treasury Management.