Issue - meetings

The Joint Audit and Governance Committee, at its meeting on 31 January 2023, considered the report of the head of finance on the treasury management mid-year monitoring report. The committee noted the treasury management mid-year monitoring report and was satisfied that the treasury activities were carried out in accordance with the treasury management strategy and policy.

Cabinet considered the comments of the committee at its meeting on 2 February 2023 and made a recommendation to Council as set out below.

The report of the head of finance is attached.

RECOMMENDATION: to

1.    note the treasury management mid-year monitoring report 2022/23; and

2.    note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy. 

Council considered Cabinet’s recommendations, made at its meeting on 2 February 2023, on the treasury management performance in the first six months of 2022/23.

Councillor Barker, Cabinet member for finance, reported that income from cash investments was likely to be above budget by the financial year end due to increases in interest rates that were unexpected when the 2022/23 budget was set.  The report set out performance against benchmarks for the first six months of the financial year.  There had been no borrowing during the first half of the year and borrowing was unlikely for the remainder of the year also. 

Both the Joint Audit and Governance Committee, at its meeting on 31 January, and Cabinet, at its meeting on 3 February 2023, were content that the treasury management activities had been carried out in accordance with the treasury management strategy and policy. 

RESOLVED: to

1.    note the treasury management mid-year monitoring report 2022/23; and

2.    note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy. 

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report, being the treasury management mid-year monitoring report for 2022/23, being the first six months up to 30 September 2022. 

The Cabinet member for finance reported that income from cash investments was projected to be above budget by the year end.  This was due to increases in interest rates that were unexpected when the 2022/23 budget was set.  The report also set out performance against benchmarks for the first six months of the financial year.  The council had not borrowed during the first six months of the year and was unlikely to borrow during the remainder of the financial year. 

Cabinet noted that the Joint Audit and Governance Committee was satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy. 

RECOMMENDED to Council to:

(a)       note the treasury management mid-year monitoring report 2022/23; and

(b)       note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy.