Cabinet considered the head of finance’s report on the treasury management outturn for 2022/23. This set out the treasury activity and performance during the last financial year.
Members noted that the Joint Audit and Governance Committee had considered the report on 3 October 2023 and was satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy.
Cabinet concurred. Despite a turbulent operating environment, the council continued to make investments during 2022/23 that maintained security and liquidity and took advantage of the increases in interest rates in line with the parameters of the treasury management strategy.
To comply with treasury management professional guidance, the council’s investments prioritised security, liquidity and yield, in that order. Looking ahead, the Cabinet member for finance welcomed officers exploring the introduction of environmental, social and governance factors as a fourth consideration in the investment decision-making process, having first complied with the priorities outlined in the guidance. The Cabinet member reported that the council had no direct investments during the financial year with companies engaged in environmentally harmful activities.
RESOLVED:
(a) to note the treasury management outturn report 2022/23;
(b) that Cabinet is satisfied that the treasury activities have been carried out in accordance with the treasury management strategy and policy;
RECOMMENDED to Council to:
(c) to approve the treasury management outturn report 2022/23 to Cabinet on 9 November 2023; and
(d) approve the actual 2022/23 prudential indicators within the report.