Issue - meetings

The Council considered a report giving details of performance against the Council’s Treasury Management Strategy for 2023/24.

On a motion from Councillor Mark Elliott, seconded by Councillor Paul May, it was unanimously

RESOLVED that

1.  The Treasury Management Report to 31^st March 2024, prepared in accordance with the CIPFA Treasury Code of Practice, is noted; and

2.  The Treasury Management Indicators to 31^st March 2024 are noted.

The report gives details of performance against the Council’s Treasury Management Strategy for 2023/24.

Cllr Mark Elliott, Cabinet Member for Resources, introduced the item, moved the officer recommendation and made the following statement:

“The Treasury Management report for the last financial year sets out the council's performance with regard to its investments and borrowing.  As usual, our treasury management performance is very good.  We're within the approved limits set out in our Treasury Management Strategy, which are set out in appendix 1 of the report. Persistent high inflation meant that the Bank of England kept rates at relatively high levels compared to recent times, and our average return on our investments over the period was 4.85%.  Borrowing increased by £36m compared with the start of the year, but with most of that borrowing being taken towards the end of the year, in line with our strategy to minimise borrowing costs and, and as noted in the earlier outturn report, we had an overall underspend of £3.4m on Capital Financing Costs. 

I'm grateful for the diligent work done by our Treasury Management team - it's not a glamourous part of the council's activity but it really does underpin everything else we do.”

Cllr Tim Ball seconded the motion.

RESOLVED (unanimously):

(1)  To note the Treasury Management Report to 31^st March 2024, prepared in accordance with the CIPFA Treasury Code of Practice.

(2)  To note the Treasury Management Indicators to 31^st March 2024.