Issue - meetings

Report of the Director of Finance and Public Value (DFP/24/65) on the Treasury Management Stewardship Outturn, attached.

Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee had received the same Report on the Treasury Management Stewardship Outturn at their meeting on 27 June 2024 and had RESOLVED that the Report and the overall 2023/24 Treasury Management outturn position be commended to the Cabinet (minute *175 refers).

Recommendation

That the Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee are thanked for their consideration and review of the Annual Treasury Management Stewardship Report for 2023/2024 and that the Report be further endorsed.

RESOLVED that the Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their consideration and review of the Annual Treasury Management Stewardship Report for 2023/2024 and that the Report be further endorsed.

(Councillor Whitton attended in accordance with Standing Order 25(2) and spoke to this item).

The Cabinet considered the Report of the Director of Finance and Public Value (DFP/24/65) regarding the 2023/24 Treasury Management outturn position, reviewing performance and key matters arising from the Council’s Treasury and Debt Management activities 2023/24.

Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee had received the same Report on Treasury Management at their meeting on 27 June 2024 and had RESOLVED that the 2023/24 Treasury Management outturn position Report (DPF/24/65) be commended to the Cabinet (minute *175 referred).

The Report outlined the Minimum Revenue Positions, the borrowing at outturn, analysis of long-term debt, investments at outturn, prudential indicators and a 2024/25 update.

In summary, long term external debt had reduced by £46.5 million during 2023/24, with three LOBO (Lender Option Borrower Option) loans repaid in full without incurring a premium. Investment income of £7.947 million had been achieved in 2023/24 against a full year budget of £3.75 million, representing a return of 4.53% including the Property Fund investment. Cash balances going forward into 2024/25 were at a lower level than they had been for many years, partly as a result of the repayment of external debt. However, the Safety Valve agreement with the Department for Education should reduce the risk of a further erosion of cash balances.

The matter having been debated and the other relevant factors being considered as set out in the Report of the Director of Finance and Public Value:

it was MOVED by Councillor Twiss, SECONDED by Councillor McInnes, and

RESOLVED that the Members of the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their consideration and review of the Annual Treasury Management Stewardship Report for 2023/2024 and that the Report be further endorsed.