Issue - meetings

Report of the Director of Finance (DF/22/102) outlining the Council's Treasury Management Mid-Year Stewardship 2022/23, which updates on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2022/23 financial year, previously considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 24 November 2022 (Minute *81 refers). The Report is attached.

Recommendation

That Cabinet further endorse the Treasury Management Mid-Year Stewardship 2022/23 Report.

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2022/23 financial year and it be further endorsed and welcomed.

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

The Cabinet considered the Report of the Director of Finance (DF/22/102) on the Treasury Management Mid-Year Stewardship 2022/23, which updated on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2022/23 financial year, the Report having also been considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 24 November 2022 (Minute *81 referred).

The Report outlined the Borrowing Strategy 2022/23 to 2024/25, Investment Strategy 2022/23, Minimum Revenue Provision, Prudential Indicators and the prospects for 2023/24.

In summary, the Report stated that no long-term borrowing had been undertaken to date in 2022/23, but the Council had committed to taking out new external borrowing ringfenced to the Plymouth and South Devon Freeport. No short-term borrowing had been undertaken to date in 2022/23. Investment income achieved as at the end of October stood at around

£1.8 million compared to the budget target for the year of £900,000.

Looking ahead, the impact of current budget pressures on the Council’s cash resources was still uncertain. The resolution of the issues around the Special Educational Needs deficit was likely to be key to determining how the Council managed its external debt over the next year and beyond.

The matter having been debated and other relevant factors set out in the Director’s Report and/or referred to above having been considered:

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

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2022/23 financial year and it be further endorsed and welcomed.