Agenda item

The Council noted a report of the Corporate Director of Resources which provided information on the treasury management outturn position for 2019/20 (for copy see file of Minutes).

Councillor M Wilkes referred to the loan from Phoenix Life detailed at paragraph 3 of the report which was at a higher interest rate than the Public Works Loan Board rate and sought clarity around this.  The Corporate Director of Resources replied that the decision regarding the pre-agreed borrowing was taken at a previous point in time and took into account the interest rates at that time and guidance from treasury management advisors about the future direction of interest rates.