Issue - meetings

Cabinet, at its meeting on 16 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 16 February 2024, on the treasury management performance in the first six months of 2023/24.

Councillor Crawford, Cabinet member for finance, reported that income from cash investments was likely to be above budget by the financial year end due to higher than forecast balances and above budgeted interest rates achieved on new deposits. 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 30 January and Cabinet, at its meeting on 16 February 2024, were content that the treasury management activities had been carried out in accordance with the treasury management strategy and policy.

Councillor Foxhall referred to paragraph 23 on page 30 of the agenda pack and whilst appreciating that borrowing was something the council should avoid asked if consideration had been given to borrowing for projects such a retrofitting The Beacon and Abbey House. Councillor Crawford advised that the report was looking back at activities which had been carried out. He advised that a commitment had been made to reviewing the future of all council owned buildings but that it was not the time to make the decision whether to borrow for this.

RESOLVED: to

1. approve the head of finance’s report to Cabinet on 16 February 2024;

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.  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 due to higher than expected interest rates, bringing greater returns.  The council was also operating with the prudential indicators, and there had been no need for the council to borrow funds during that period. 

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.