Issue - meetings

This report gives an overview of treasury management activity since 1 April 2023 and presents a review of the Treasury Strategy approved by Council on 23 February 2023.

Background:

This report provided an overview of treasury management activity since 1 April 2023 and presented a review of the Treasury Strategy approved by Council on 23 February 2023.

The report had previously been considered by the Audit Committee on 29 November 2023, the minutes of which were set out at section 9 of the report and by the Cabinet on 19 December 2023, the decisions of which were set out at section 10 of the report.

The Leader of the Council, Councillor Maple, supported by Councillor Browne, proposed the recommendations set out in the report.

Decision:

The Council noted the report, including the comments of the Audit Committee and Cabinet decision set out at sections 9 and 10 of the report respectively.

Background:

This report provided details of an overview of treasury management activity since 1 April 2023 and presented a review of the Treasury Strategy approved by Council on 23 February 2023.

In relation to the Lothbury investment Fund, the possible closure of which and potential financial risk to the Council had previously been highlighted by the Cabinet, the Leader advised that the Council had just been informed that the fund had been extended for three months. This was good news as it demonstrated the efforts being made for the fund to continue.

The report had been considered by the Audit Committee at its meeting on 29 November 2023, the draft minutes of which were set out in section 10 of the report. The report would also be referred to Full Council on 24 January 2024. 

The report included an economic update for the first part of 2023/2024 and reviews of: the Treasury Management Strategy Statement and Annual Investment Strategy; the Council’s Investment Portfolio and Borrowing Strategy; any debt rescheduling undertaken and compliance with treasury and prudential limits.

Reasons:

In accordance with the Chartered Institute of Public Finance Accountancy’s (CIPFA) Code of Practice for Treasury Management, there should be a review of the strategy at least half yearly.