Issue - meetings

To consider the Mid Year Treasury Management Review 2023/24.

The Executive considered a report in respect of the Mid-Year Treasury Management Review 2023/24.

The Assistant Director (Finance) confirmed that the report had been considered by the Audit Committee, at its meeting held on 8 November 2023.  At that meeting, officers had responded to a number of Members’ questions, and the Committee had recommended that the Review be agreed by the Executive for approval by Council on 20 December 2023.

It was RESOLVED that the 2023/24 Mid-Year Treasury Management Review and prudential indicators, as set out in the report, be recommended to Council for approval.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.

The Executive considered a report in respect of the Mid-Year Treasury Management Review 2023/24.

In the absence of the Portfolio Holder for Resources and Transformation, the Leader of the Council advised that there were no recommended changes to the Treasury Management Strategy Statement for 2023/24, approved by Council on 23 February 2023.  The report showed that cash balances were projected to be £38Million by 31 March 2024, however all of these sums had been committed to be spent, were planned to be used/drawn down, or were being held on behalf of others.  Unless it was determined that allocated reserves were no longer needed in the future, there was currently no cash resources available for new projects.

The Leader of the Council stated that, as outlined in the First and Second Quarter Capital Budget Monitoring 2023/24 (see Item 7 above), borrowing or £23.826Million was proposed in 2023/24 to support the financing of projects in year.  As at 30 September 2023, total borrowing was £259Million, which included new HRA borrowing of £7.5Million (August 2023). This could rise to £283Million if all proposed borrowing was taken externally.

The Leader of the Council commented that the average yield on investments was 5.27% for April to September 2023.  The average yield was not expected to rise significantly during the remainder of the year, although some current fixed term investments would mature and be replaced with new investments at current higher rates.  There had been no breaches of the Treasury Management Strategy in 2023/24 to date.

The Assistant Director (Finance) confirmed that the report had been considered by the Audit Committee, at its meeting held on 8 November 2023.  At that meeting, officers had responded to a number of Members’ questions, and the Committee had recommended that the Review be agreed by the Executive for approval by Council on 20 December 2023.

It was RESOLVED that the 2023/24 Mid-Year Treasury Management Review and prudential indicators, as set out in the report, be recommended to Council for approval.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.