Issue - meetings

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

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

·  The return on operational investments is 5.05% (just above the benchmark rate).

·  The return on strategic investments is 4.32% (slightly higher than the benchmark rate).

·  Capital financing costs are running at £1.05m lower than budget due to higher investment returns and capital spend reprofiling.

·  This helps to alleviate the revenue budget pressures highlighted in the quarter three performance report.

·  All indicators are favourable and well within borrowing limits.

·  Our portfolio credit rating is A+.

·  We had a minimum of £15.3m in liquid cash.

·  The interest rate exposure risk is low as is the refinancing risk.

·  Early repayment risks are on or below limits and we are under-borrowed by about £9m for the rest of the year.

·  The Council is in a robust underlying position and Cllr Elliott commended officers for their work in maintaining this position.

Cllr Paul Roper seconded the motion and stated that these good solid investments enable the Council to proceed with its ambitious plans for the future.

RESOLVED unanimously:

To note:

(1)  The Treasury Management Report to 31^st December 2024, prepared in accordance with the CIPFA Treasury Code of Practice; and

(2)  The Treasury Management Indicators to 31^st December 2024.