Issue - meetings

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

It was RESOLVED to note the Treasury Management Mid-Year Review report 2024/2025 and to forward the same to the Full Council without additional comments.

The report of the Director of Function (Resources)/Section 151 Officer incorporating a mid-year review of the treasury management position on 30 September 2024 was presented for the Executive’s consideration.

Councillor Robin Williams, Deputy Leader and Portfolio Member for Finance and Housing Services presented the report and referred to the reporting requirements for treasury management under the Local Government Act 2003 and the CIPFA Prudential Code 2021 which includes 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 11 February, 2025 meeting and had forwarded it to the Executive without further comments. 

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 been used to fund capital expenditure to avoid external borrowing at higher interest rates.  It is foreseen that interest rates will decrease during the year and borrowing will have to made during the next financial year over a short-term loan period.  He noted the Councils’ balances to invest stands at under £30m compared to £53m in April 2022 which results in the interest of the investment considerably lower which thereafter influences the revenue budget.   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.   He further noted that the Treasury Management Consultants have recently changed to MUFG, formerly Link Asset Services. 

It was RESOLVED to note the Treasury Management Mid-Year Review report 2024/2025 and to forward the same to the Full Council without additional comments.