Issue - meetings

The Leader of the Council, in his capacity as Chairman of the Corporate Policy and Resources Committee presented the report to Members.

The Annual Treasury Management report 2023/204 confirmed that the Council had complied with legislative and regulatory requirements for Treasury Management as set out in the CIPFA Code of Practice.

The report further confirmed that there had been no breaches in the prudential indicators.

Inflation and interest rates had been higher during 2023/2024 than in previous periods which had significantly contributed to the small underspend delivered during the year.

External borrowing had not increased as anticipated due to a slower delivery of the Capital Programme.

The report had been considered by the Corporate Policy and Resources Committee at their meeting on 27 June and stood recommended for approval. 

The recommendations were proposed and duly seconded.

In response to Members questions regarding advance borrowing and the volatility fund, the Section 151 Officer advised that the Council was not permitted to borrow in advance of need. She further outlined the circumstances which had led to this change and the strict terms applied to PWLB loans.

In respect of the valuation volatility fund, this only related to the Council’s investment property portfolio.  The reasoning for the Fund was outlined with Members noting how and when it would be utilised and the safeguard the Fund offered in case of a decrease in valuation.   There was a separate budget volatility reserve, this allowed provision to deal with short term budgetary pressures arising from any longer-term decisions.

RESOLVED that the recommendation from the Corporate Policy and Resources Committee be accepted and the Annual Treasury Management Report and Actual Prudential Indicators 2023/24 be approved.