Issue - meetings

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

It was resolved to note the Treasury Management Mid-Year Review report 2023/24 and to forward the same to the Full Council without additional comment.

The report of the Director of Function (Resources)/Section 151 Officer incorporating a mid-year review of the treasury management position as at 30 September 2023 was presented for the Executive’s consideration.

Councillor Robin Williams, Deputy Leader and Portfolio Member for Finance presented the report and referred to the reporting requirements for treasury management under the Local Government Act 2003 and the CIPFA Prudential Cde 2021 which include the production of a mid-year review of treasury management activities. He confirmed that the Governance and Audit Committee had scrutinised the report at its 8 February 2024 meeting and had forwarded it to the Executive without further comment.

The Director of Function (Resources)/Section 151 Officer advised that there had been no change in the Council’s borrowing and investment approach in the reporting period. Cash balances have continued to be used to fund capital expenditure to avoid external borrowing with any surplus cash balances being deposited in secure UK banks and local authorities. The Council has benefitted from the interest rate increases during the period with better than forecast investment returns having been achieved. The Council’s Treasury Management position has remained stable and all prudential indicators have remained within the boundaries and targets set in the Treasury Management Strategy Statement 2023/24.

It was resolved to note the Treasury Management Mid-Year Review report 2023/24 and to forward the same to the Full Council without additional comment.