Issue - meetings

Members heard from the Financial Services Manager (Deputy 151 Officer) that the Council had complied with legislative and regulatory requirements for treasury management as set out in the CIPFA code of practice, and there were no breaches of the prudential indicators to report. Inflation and interest rates had been historically high over the period, and the Council had managed to overachieve on the budget. External borrowing had not increased as much as anticipated, and as a result there was an underspend on external debt of £202,000. As detailed in section four of the report, borrowing was refinanced in the short term given the economic climate. The Capital Financing Requirement (CFR) had reduced in 2024/24 as the Council set aside minimum revenue provision in the year. The final section of the report detailed the investment strategy and the national and international financial context.

Members considered the report and asked questions surrounding income from non-treasury investments and the letting of commercial property. The Deputy 151 Officer responded that the non-treasury income was contained in the report and detailed the property portfolio at 7.12% or £1.59m and he confirmed that all commercial assets currently had tenants.

Having been moved and seconded it was

RESOLVED that the Annual Treasury Management Report and actual Prudential Indicators 2023/24 be recommended to Full Council for approval.