Decision details

Treasury Management Mid-Year Report 2018/19

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: Yes


JanetteWilliamson UPDATED - To be used in minutes

Councillor Janette Williamson, Cabinet Member for Finance and Income Generation, said:


We continue to face huge financial pressures, as increasing demand, rising costs

and ongoing austerity policies combine to place unprecedented strain on our budget, and services. The extent of ongoing government cuts mean that we are unable to

carry on doing everything the way we have previously and we need to look to new and innovative ways to provide services to protect our most vulnerable.


This is why an innovative, commercial, entrepreneurial but responsible approach to Treasury Management is so important. This report to Cabinet demonstrates that our efficient approach in this area has delivered savings to Wirral residents of almost £5 million – money which is now available to invest in the services our residents rely on.


We will continue to capitalise on these opportunities and do all we can to make sure our money goes further to deliver the outcomes our residents want”.


Councillor Janette Williamson reported that the Council’s treasury management activity was underpinned by CIPFA’s Code of Practice on Treasury Management (“the Code”), which required the production of annual Prudential Indicators and a Treasury Management Strategy Statement on likely financing and investment activity. The Code also recommended that Members were informed of treasury management activities at least twice a year.


The Cabinet noted that the report fulfilled the Council’s legal obligation under the Local Government Act 2003 to have regard to both the CIPFA Code and the Ministry of Housing, Communities and Local Government (MHCLG) Investment Guidance.


Proactive Treasury Management activity had resulted in:-


·  Estimated one-off savings in year of a minimum £1.1 million from reduced 2018/19 interest payments and management of the Council’s Capital Financing. The ongoing savings were being used to support the Council’s budget for 2019/20.


·  Due to the implementation of the Council’s revised Minimum Revenue

Provision (MRP) policy, approved by the Council in 2017/18, the charge the Council would pay in 2018/19 had reduced by £3.8 million compared to the charge scheduled under the original MRP policy. This reduction had been accounted for when setting the 2018/19 Budget. 


This matter affected all Wards within the Borough and the decisions to be made were key decisions.


Appended to the report were:


·  Appendix 1 – Prudential Indicators 2018/19; and

·  Appendix 2 – Revised Authorised Signatory List.




(1)  the Treasury Management Mid-Year Report for 2018/19 be agreed; and


(2)  the revised Authorised Signatory List relating to Treasury Management activity be approved.

Publication date: 29/11/2018

Date of decision: 26/11/2018

Decided at meeting: 26/11/2018 - Cabinet

Effective from: 07/12/2018

Accompanying Documents: