Issue - meetings

To provide members with an update on Treasury Management performance and activity to ensure best practice is maintained (report of the Deputy Chief Executive – Corporate Development (S151) enclosed).

Consideration was given to the report of the Deputy Chief Executive – Corporate Development (S151) which provided members with an update on Treasury Management performance and activity to ensure best practice was maintained.

The Interim Treasury and Investment Manager (PSPS) introduced the report which had been prepared in compliance with the Chartered Institute of Public Finance and Accountancy (CIPFA) code of practice for Treasury Management, and which recommended that members be updated on treasury management activities at least quarterly.

The Quarter 3 2023/2024 Treasury Management update was detailed at Appendix A and included the following main areas:

• Economic update with commentary provided by Link Group;
• Interest rate forecasts;
• Annual Investment Strategy;
• Borrowing position of the council;
• Debt rescheduling; and
• Compliance with Treasury and Prudential indicators;

Appendix A2 detailed the following:

• General Fund Capital Expenditure 2023/2024;
• Financing of General Fund Capital Expenditure 2023/2024;
• Housing Revenue Account Capital Expenditure 2023/2024; and
• Financing of Housing Revenue Account Capital Expenditure 2023/2024.

Members considered the report and made the following comments:

• Members expressed hope that the £67.456million debt to central government would be cancelled at some point in the future. 

• Members were encouraged that Link Group’s economic update commentary referred to the ‘mildest of mild recessions’.

• Members were reassured by the financial situation of the council and praised officers for both the level of detail provided within the report and the controls which were in place.

AGREED:

That after receipt and review of the report at Appendix A by members of the Governance and Audit Committee, the contents be noted.