Issue - meetings

Cabinet, at its meeting on 17 October, will consider the report of the head of finance on the outturn performance of the treasury management function for the financial year 2023/24.

The report of the head of finance, which the Joint Audit and Governance Committee considered on 15 October 2024 and Cabinet will consider on 17 October, is attached.

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

Council considered the head of finance’s report on the treasury management outturn for 2023/24 and Cabinet’s recommendations made at its meeting on 17 October 2024.  The Cabinet member for finance reported that the outturn report had also been considered by the Joint Audit and Governance Committee and Cabinet, both of which were satisfied that the treasury activities during 2023/24 had been carried out in accordance with the treasury management strategy and policy.  The outturn figure had been better than expected, partly due to continued high interest rates.  Performance had exceeded expectations and there had been no breaches of the counterparty limits or the prudential indicators.  He reported an error in the report in paragraph 11 of appendix C which stated that the CCLA had a performance of -3.9 per cent rather than the correct figure of 1.07 per cent as set out in the table in paragraph 9.

In response to a question regarding the perceived delay in the report coming forward, officers responded that there was no timeline requirements and the report needed to be considered by both the Joint Audit and Governance Committee and Cabinet with recommendations coming forward to Council. 

RESOLVED to:

1.    approve the treasury management outturn report 2023/24; and

2.    approve the actual 2023/24 prudential indicators within the report of the head of finance to the Council meeting on 24 October 2024. 

To consider the Head of Finance’s report.

Cabinet considered the head of finance’s report, fulfilling the legislative requirements to ensure the adequate monitoring and reporting of the treasury management activities and that the councils’ prudential indicators are reported to the council at the end of the financial year.

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

The cabinet member for finance presented the details of the treasury activities for the financial year 2023/34 and welcomes the feedback from the Joint Audit and Governance Committee. It was noted that the outturn was strong, with investment performance exceeding expectations due to higher than anticipated interest rates.

RESOLVED: That Cabinet:

a)    note the treasury management outturn report 2023/24,

b)    was satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy.

RECOMMENDED to Council on 17 October 2024 to:

(c) approve the treasury management outturn report 2023/24; and

(d) approve the actual 2023/24 prudential indicators within the report.