This report provided an overview of treasury management activity during 2022/23.
It stated that overall, the Interest and Financing budget made a surplus of £5,921,000 over its targeted budget of £12,315,000.
The underspend on the Minimum Revenue Provision (MRP) followed a report by Link Asset Services, which concluded that provision in previous years had been too high. A reduction of £5,489,000 had therefore been applied to the charge originally calculated for 2022/23 and no adjustments would be required for future years.
The report was previously considered by the Audit Committee on 1 August 2023, the comments of which were set out in section 12 of the report. During discussion, reference was made to the importance of Member training and opportunities for its provision, particularly for Audit Committee Members, would be discussed with officers.
The Cabinet noted the Treasury Management Outturn Annual report.
Section 7.1 (e) of the Council’s Financial Rules state that the Chief Operating Officer shall report to Cabinet and the Audit Committee not later than September on treasury management activities in the previous year.