Issue - meetings

Cabinet, at its meeting on 15 February 2024, will consider the attached report of the head of finance on the treasury management activity for the first half of 2023/24.

Cabinet’s recommendations will be circulated to all members prior to the Council meeting. 

Council considered Cabinet’s recommendations, made at its meeting on 15 February 2024, on the treasury management performance in the first six months of 2023/24.

Both the Joint Audit and Governance Committee, at its meeting on 30 January 2024, and Cabinet, at its meeting on 15 February 2024, were content that the treasury management activities had been carried out in accordance with the treasury management strategy and policy.

Councillor Barker, Cabinet member for finance and property assets, reported that income was strong in the first two quarters of the financial year, exceeding the expected budget due to higher than forecasted interest rates, and that the forecast was also very positive for the remaining two quarters. He also highlighted to Council that there was no need to borrow for the first six months and that there was no expectation of any need to borrow for the remainder of 2023/24.

Council was satisfied with the report and that treasury management activities were being carried out in accordance with the strategy and policy. Therefore, they agreed that the treasury management 2023/24 mid-year monitoring report should be approved.

RESOLVED: to

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

2.       approve the treasury management 2023/24 mid-year monitoring report. 

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report.  This monitored performance of the council’s treasury management function for the first half of 2023/24.  The report also updated on the prudential indicators for the remainder of the financial year. 

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

The Cabinet member for finance reported that the income received on investments was predicted to be above budget by approximately £2.7 million this year.  This was due to higher than forecasted interest rates, bringing greater returns.  The council was also operating with the prudential indicators. 

RESOLVED: to note the treasury management 2023/24 mid-year monitoring report. 

RECOMMENDED to Council to:

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

(b)       approve the treasury management 2023/24 mid-year monitoring report.