Issue - meetings

To submit a report by the Director of Function (Resources)/Section 151 Officer.

It was resolved –

·                To recommend to Full Council that it approve the change in counterparty limit to other local authorities as per section 5.3 of the report.

·                To note the Treasury Management 2022/23 Mid-Year Review report and to forward it to Full Council without further comment.

The report of the Director of Function (Resources)/Section 151 Officer incorporating the Treasury Management Mid-Year Review was presented for the Executive’s consideration.

Councillor Robin Williams, Portfolio Member for Finance, Corporate Business and Customer Experience reported that the mid-year review forms part of the treasury management reporting requirements under the CIPFA Code of Practice and is in accordance with the Council’s Scheme of Delegation. The report was scrutinised by the Governance and Audit Committee at its meeting held on 8 December 2022. The Executive is asked to endorse  the report for Full Council’s approval as well as recommending  an increase in the limit at which the Council can lend to other local authorities from £5m to £10m. This is because of increased cash balances and demand from other local authorities and in order to avail of the best possible investment opportunities, local authorities also being seen  as an advantageous and low risk option.

The Director of Function (Resources)/Section 151 Officer advised that the report sets out Treasury Management activity during the first half of 2022/23 and compares performance against the Treasury Management Strategy for 2022/23 and the Prudential Indicators set out therein. The report also provides an update on the capital position. The report confirms that during the half year to 30 September, 2022 the Council has operated within those Prudential Indicators and no difficulties are envisaged in complying with the indicators for the current or future years. No revision to policy is proposed. However, since the period which the mid-year review covers interest rates have risen significantly which from an investment perspective will provide the Council with increased income which in turn can be used to bolster the revenue budget. Conversely, higher interest rates means that any new borrowing will become more expensive.

It was resolved –

·                To recommend to Full Council that it approve the change in counterparty limit to other local authorities as per section 5.3 of the report.

·                To note the Treasury Management 2022/23 Mid-Year Review report and to forward it to Full Council without further comment.