Agenda and minutes

Any Member who is substituting for another Member should so indicate, together with the name of the relevant absent Member.

The following substitution was declared:

Councillor Robert Nobbs substituting for Councillor Elaine McManus.

Apologies for absence were received from Councillor Elaine McManus.

To confirm the minutes of the meeting held on 13 July 2020 (copy attached.)

The minutes of the meeting held on 13 July 2020 were confirmed as a correct record by the Chair.

Members are reminded of their responsibility to declare any pecuniary or local non pecuniary interest which they have in any item of business on the agenda, no later than when that item is reached and, when appropriate, to leave the meeting prior to discussion and voting on the item.

Members’ declarations of interest are recorded under the item to which the declaration relates.

Report Number: FRS/WS/20/003

The Sub-Committee received Report number FRS/WS/20/003, which reported on the investment activities of West Suffolk Council from 1 April 2020 to 30 September 2020.

The total amount invested at 1 April 2020 was £29,990,000 and at 30 September 2020 it was £27,900,00.

The 2020 to 2021 Annual Treasury Management and Investment Strategy Statements approved on 25 February 2020, sets out the Council’s projections for the current financial year.  The budget for investment income for 2020 to 2021 was £142,141, which was based on a 0.65% target average rate of return on investments.

As at the end of September 2020, interest actually earned during the first half of the financial year amounted to £54,297.81 (average rate of return of 0.398%) against a profiled budget for the period of £71,070, (average rate of return of 0.65%), a budgetary deficit of £16,772.69.  The deficit related to continued low interest rates as a result of the Covid-19 -pandemic which started in mid-March 2020. 

The report also included a summary of the capital borrowing budget 2020 to 2021; borrowing and income – proportionality; borrowing and asset yields; borrowing and temporary loans and other market considerations.

The Sub-Committee scrutinised the report in detail, and asked questions to which responses were provided.  In particular discussions were held on the low interest rates currently available and debt collection relating to industrial and retail units.

In response to a question raised regarding car park income and what was the collection cost per month, officers agreed to provide a written response.

In response to a question raised regarding the solar farm performance and investment return for 2019 to 2020, officers agreed to provide a written response on the financial figures for members.

It was the proposed by Councillor Victor Lukaniuk, seconded by Councillor Ian Houlder, and with the vote being unanimous, it was

          RECOMMENDED:

That subject to the approval of Cabinet and Council, the Financial Resilience Report (September 2020), being report number FRS/WS/20/003, be approved.

The following date(s) for future meetings of the sub-committee are listed below.

All dates are Mondays starting at 10.30am and will be held as indicated:

·         18 January 2021 via MS Teams.

The Sub-Committee noted the dates for future meeting(s), as listed below. All dates were Mondays starting at 10.30am and would be held as indicated:

·         18 January 2021 via Microsoft Teams.