Issue - items at meetings - Annual Financial Resilience Report 2019/2020

Issue - meetings

Annual Financial Resilience Report 2019/2020

Meeting: 22/09/2020 - Cabinet (Item 158)

158 Recommendation of the Performance and Audit Scrutiny Committee: 30 July 2020: Annual Financial Resilience Report (2019-2020) (Report number: CAB/WS/20/054) pdf icon PDF 124 KB

Report number:     CAB/WS/20/054

Portfolio holder: Councillor Sarah Broughton

Lead officer: Rachael Mann

Decision:

Recommended to Council (29 September 2020):

 

That the Annual Financial Resilience Report (2019-2020), as contained in Report number: FRS/WS/20/001, be approved.

Minutes:

The Cabinet considered this report, which was recommending to Council, the approval of the Annual Financial Resilience Report (2019-2020).

 

The West Suffolk Council’s Annual Financial Resilience Report for 2019-2020 included tables summarising the interest earned and the average rate of return achieved during 2019-2020; investment activity during the year; investments held as at 31 March 2020 and capital borrowing budget 2019-2020.

 

The budget for investment income in 2019-2020 was £142,141 which was based on a 0.90 percent target average rate of return on investments.  Interest actually earned during the financial year totalled £389,892 (average rate of return of 0.828 percent), against a budget for the year of £142,141; a budgetary surplus of £247,751. 

 

Councillor Sarah Broughton, Portfolio Holder for Resources and Performance, drew relevant issues to the attention of Cabinet.

 

 

Recommended to Council (29 September 2020):

 

That the Annual Financial Resilience Report (2019-2020), as contained in Report number: FRS/WS/20/001, be approved.


 

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