Issue - meetings

Treasury risk management at the Authority is conducted within the framework of the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2021 Edition (the CIPFA Code), which requires the Council to approve a Treasury Management Strategy before the start of each financial year, review performance during the year, and approve an annual report within six months after the end of each financial year.  The Council considered a report giving details of performance against the Council’s Treasury Management Strategy for 2024/25.

On a motion from Councillor Mark Elliott, seconded by Councillor Robin Moss, it was then unanimously

RESOLVED that

1.  The Treasury Management Report to 31^st March 2025, prepared in accordance with the CIPFA Treasury Code of Practice, is noted; and

2.  The Treasury Management Indicators to 31^st March 2025 are noted.

Treasury risk management is conducted within the framework of the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2021 Edition (the CIPFA Code).  The report sets out details of performance against the Council’s Treasury Management Strategy for 2024/25.

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

·  The report reviews the council’s investment and borrowing performance for the last financial year.

·  Treasury management performance was very good, as in previous years due to the professionalism and diligence of the Treasury Management team.

·  Borrowing at year-end was £275.7 million.

·  Investments at year-end were £32.6 million.

·  All figures were within approved limits set in the Treasury Management Strategy.

·  Operational investments showed an average of 4.96% return (just above the benchmark of 4.84%).

·  Strategic investments showed a 4.25% return (which met the budgeted target).

·  Interest rates remained higher for longer than expected.

·  Capital spend reprofiling and interest trends led to £1 million under budget in interest and capital financing costs which helped to ease pressure on the Revenue budget.

·  The work carried out by the Treasury Management Team supports all council activities.

Cllr Manda Rigby seconded the motion and also thanked the team for their excellent work.

RESOLVED (unanimously):

(1)  To note the Treasury Management Report to 31^st March 2025, prepared in accordance with the CIPFA Treasury Code of Practice.

(2)  To note the Treasury Management Indicators to 31^st March 2025.