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 which ensured best practice was maintained.

The Interim Treasury Manager introduced the report and appendix which provided an update on the following areas:

• Economic update (commentary provided by Link Group);
• Interest rate forecasts;
• Annual Investment Strategy;
• Borrowing;
• Debt rescheduling;
• Net Treasury Position; and
• Compliance with Treasury and Prudential indicators;

Members considered the report and made the following comments:

• Members welcomed the well-written report.

• Members stated that the £67,456m HRA debt detrimentally impacted rent demands.

• Members referred to the General Fund Capital Expenditure 2024/25 (Appendix A1) and queried the differential in forecast outturn to approved budget, and changes to approved budgets, relating to the following items: Disabled Facilities Grants; Asset and Property Castle Sports; Asset and Property Moulton Park and New Sheep Market.
  • The Interim Treasury Manager (PSPS) responded that the query related to the Capital Programme and Expenditure, detailed information of which would be included within the upcoming Cabinet report and available within the published agenda of the Cabinet meeting.

• Members noted that the lending of funds to external councils was secure, effectively underwritten by national government, and that due diligence would have taken place in such circumstances.

AGREED:

Following the Governance and Audit Committee’s receipt and review of the Q1 Treasury Report, that the contents of the report at Appendix A be noted.