Issue - meetings

Report of Councillor P Kerry, Deputy Leader and Portfolio Holder for Strategic Leadership and Finance

RESOLVED - That Cabinet noted the outturn position in respect of the 2023-24 financial year.

REASONS FOR DECISION – The Council operated in line with its agreed Treasury Management Strategy during the 2023/24 financial year. This ensures that lending and borrowing arrangements were prudent and sustainable, minimising the risk of financial loss to the Council. Effective management of these arrangements ensured that interest costs during the year were minimised to assist the Council’s revenue position whilst interest receivable increased slightly above budget due to increased interest rates.

OTHER OPTIONS CONSIDERED AND REJECTED - This report is primarily a factual report detailing the actual position against the Council’s previously approved treasury management strategy. Accordingly, the report does not set out any options where a decision is required by Members.

Please note that this was not a Key Decision and so can be implemented with immediate effect by officers.

With the agreement of the Chair the following additional item was taken.

The report to Cabinet set out the Treasury Management Outturn position for 2023-24. Members were reminded that the Treasury Management function covers the borrowing and investment of Council funds, all transactions which are conducted in accordance with the Council’s approved strategy and the Chartered Institute of Public Finance Accountants (CIPFA) Code of Good Practice.

The report provided information on the overall borrowing requirement of the Council and the amount of Public Works Loan Board (PWLB) debt which had previously been accrued. It also made clear that no new PWLB borrowing had been undertaken during the 2023-24 financial year.

RESOLVED - That Cabinet noted the outturn position in respect of the 2023-24 financial year.

REASONS FOR DECISION – The Council operated in line with its agreed Treasury Management Strategy during the 2023/24 financial year. This ensures that lending and borrowing arrangements were prudent and sustainable, minimising the risk of financial loss to the Council. Effective management of these arrangements ensured that interest costs during the year were minimised to assist the Council’s revenue position whilst interest receivable increased slightly above budget due to increased interest rates.

OTHER OPTIONS CONSIDERED AND REJECTED - This report is primarily a factual report detailing the actual position against the Council’s previously approved treasury management strategy. Accordingly, the report does not set out any options where a decision is required by Members.