Issue - meetings

To consider the report of the head of finance on the council’s treasury management activities and prudential indicators for the financial year 2022/23.

At its meeting on 10 November 2023, Cabinet agreed the recommendations set out in the attached report and 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.

Council considered the head of finance’s report on the treasury management outturn for 2022/23.  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 2022/23 had been carried out in accordance with the treasury management strategy and policy.  There had been an overachievement of treasury income during the year, largely due to high interest rates.  Performance had exceeded expectations and there had been no breaches of the counterparty limits or the prudential indicators. 

In answer to a question regarding the council’s strategy on environmentally harmful investments, the Cabinet member reported that the report before Council looked back at performance over the last financial year, whereas the treasury management and investment strategy would be reviewed by the Joint Audit and Governance Committee in the new year. 

RESOLVED to:

(a)       approve the treasury management outturn report 2022/23; and

(b)       approve the actual 2022/23 prudential indicators within the report. 

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report on the treasury management outturn for 2022/23. 

The Cabinet member for finance highlighted the performance of the treasury management function during the year, which had exceeded expectations due to high interest rates bringing increased income to the council.  He reported that the Joint Audit and Governance Committee had also considered the report and was satisfied that the treasury activities have been carried out in accordance with the treasury management strategy and policy. 

In answer to a question by members, the Cabinet member for finance reported that this council was not putting itself at risk by loaning funds to other councils.  If the council lent funds, the other council was legally obliged to settle its debts.  This arrangement was also backed by the government. 

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 10 November 2023; and

(d)    approve the actual 2022/23 prudential indicators within the report.