Cabinet considered the head of finance’s report, being the treasury management mid-year monitoring report for 2022/23.
The Cabinet member for finance reported that income from cash investments was likely to be above budget by the financial year end. This was due to increases in interest rates that were unexpected when the 2022/23 budget was set. The report also 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.
Cabinet noted that the Joint Audit and Governance Committee had noted the report and was satisfied that the treasury activities had been carried out in accordance with the treasury management strategy and policy.
RECOMMENDED to Council to:
(a) approve the head of finance’s report to Cabinet on 3 February 2023;
(b) note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy.