Issue - meetings

Treasury Management Stewardship Mid Year Report

 

 

Meeting: 11/12/2024 - Cabinet (Item 661)

661 Treasury Management Stewardship Mid Year Report pdf icon PDF 83 KB

Report of the Director of Finance and Public Value (DFP/24/121) outlining the Council's Treasury Management Mid-Year Stewardship 2024/25, which updates on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2024/25 financial year, previously considered and welcomed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 28th November 2024 (Minute *194 refers). The Report is attached.

 

Recommendation

 

That the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2024/25 financial year and it be further endorsed.

Additional documents:

Decision:

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2024/25 financial year and it be further endorsed.

Minutes:

(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/24/121) on the Council's Treasury Management Mid-Year Stewardship 2024/25, which updated on key matters arising from the Council’s Treasury and Debt Management activities during the first seven months of the 2024/25 financial year.

 

In summary the Report indicated that: the initial short term borrowing of £29 million that had been taken out to fund repayment of £46.5 million of LOBO loans during 2023 had been repaid (by early November 2024), but had been re-financed by further short-term borrowing of £15 million at a lower rate of interest; and Investment income for the 2024/25 financial year was forecast to be £1.5 million less than budget.

 

The Report had been previously considered and welcomed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 28th November 2024 (Minute *194 refers).

 

The matter having been debated and other relevant factors (e.g. financial, sustainability and carbon impact, risk management, equality and legal considerations and alignment with the Council’s Strategic Plan) as set out in the Director’s Report having been considered:

 

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

 

RESOLVED that the Corporate Infrastructure and Regulatory Services Scrutiny Committee be thanked for their review of the Mid-Year Stewardship Report for the 2024/25 financial year and it be further endorsed.