Peter Molyneux, Senior Finance Manager, introduced his report that informed how proactive Treasury Management activity, working in conjunction with external advisors, had recently resulted in an approved change to the way that the Council calculated its Minimum Revenue Provision (MRP).

The report, approved by Cabinet on 25 November 2019 (minute No.63 refers), outlined the background to this change and had been provided to the Audit & Risk Management Committee in response to a request for clarification of the nature of the change. The Cabinet report also clarified the adjustments to accounting entries made in the first draft of the 2018/19 Statement of Accounts.

Resolved – That the change to the calculation of the Council’s Minimum Revenue Provision, as approved by Cabinet (25 November 2019), and the explanation of its impact on the Council’s Statement of Accounts be noted.