Issue - meetings

The report gives details of performance against the Council’s Treasury Management Strategy for the first three months of 2024/25.

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

“This is the quarterly Treasury Management report prepared in line with the CIPFA Treasury Code of Practice, and the Treasure Management Indicators for the 1st Quarter of the Financial Year.

They are reassuringly lacking in any surprises.  Our return on operational investments has just tipped above the benchmark rate for, I think, the first time since rates started rising, which is due to rates now very slowly starting to fall.  (It is safe to assume we will always track very slightly behind benchmark in a rising market and would hope to be slightly above benchmark in a falling market.)  We borrowed a further £10m nett in the period, but we're still very well within our safe borrowing limits, and we're currently predicting we will be £550k below our budgeted interest and capital financing requirement, which will help offset some of the in-year pressure I was talking about in the previous speech.  As usual all our Treasury Management Indicators are well within the parameters set by our Treasury Management Strategy, and the report demonstrates a well-run, well-managed Treasury function.  I commend the work of the officers.”

Cllr Alison Born seconded the motion.

RESOLVED (unanimously):

(1)  To note the Treasury Management Report to 30^th June 2024, prepared in accordance with the CIPFA Treasury Code of Practice.

(2)  To note the Treasury Management Indicators to 30^th June 3024.