Issue - meetings

Report of the Director of Finance and Public Value (DF/23/104) outlining the Council's Treasury Management Mid-Year Stewardship 2023/24, which updates on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2023/24 financial year, previously considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 16 November 2023 (Minute *135 refers). The Report is attached and minute below.

(a) that this Committee commend the Treasury Management Mid Year Report to Cabinet, commenting especially on the excellent work of the treasury management team in prudent financial management including achieving £4.86 million in the seven months to 31 October, in interest against a full year budget of £3.75 million.

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2023/24 financial year and it be further endorsed and welcomed.

(Councillors Biederman and Brazil 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 (DF/23/104) which outlined the Council's Treasury Management Mid-Year Stewardship 2023/24, updating on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2023/24 financial year, previously considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 16 November 2023 (Minute *135 referred).

(a) that this Committee commend the Treasury Management Mid-Year Report to Cabinet, commenting especially on the excellent work of the treasury management team in prudent financial management including achieving £4.86 million in the seven months to 31 October, in interest against a full year budget of £3.75 million.

As well as the Treasury and Debt Management, the Report covered long and short-term borrowing, investment income and ongoing uncertainty around the impact of current budget pressures.  The resolution of SEN deficit issues was likely to be key in determining how the Council managed its external debt over the next year and beyond.

The Report also outlined the Minimum Revenue Provision, Borrowing Strategy 2023/24 to 2026/27, Investment Strategy, Prudential Indicators and the prospects for 2024/25.

In summary, the Report stated that the Council’s long-term external borrowing had reduced by £10 million since 31st March 2023, no short-term borrowing had been undertaken to date in 2023/24, investment income achieved (as at the 13th October) stood at £4.86 million against a target for the year of £3.75 million.

The matter having been debated and other relevant set out in the Director’s Report 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 2023/24 financial year and it be further endorsed and welcomed.