Issue - meetings

Due to the timescales and print deadlines, the recommendations of the meeting of Cabinet held on 13 February 2024 will be circulated to Members in advance of the meeting of Council.

Consideration was given to the recommendations of Cabinet of 13 February 2024 in respect of treasury management.  Due regard had been given to the views of the Audit Committee of 15 January 2024, the details of investments undertaken and return achieved in the first eight months of the current financial year, the financial and value for money considerations and the legal implications.

RESOLVED:  That

(1)         the treasury management position as at 30 November 2023 be noted; and

(2)         the Treasury Management and Annual Investment Strategy for 2024/25 (presented to the Audit Committee at Annex 5) be adopted.

Recommendation AU 24/5 of Audit Committee of 15 January 2024.

Consideration was given to recommendation AU 24/5 of the Audit Committee of 15 January 2024 in respect of treasury management.

Due regard was given to the views of the Audit Committee, the details of investments undertaken and return achieved in the first eight months of the current financial year, the financial and value for money considerations and the legal implications.

*RECOMMENDED:  That

(1)         the treasury management position as at 30 November 2023 be noted; and

(2)         the Treasury Management and Annual Investment Strategy for 2024/25 (presented to the Audit Committee at Annex 5) be adopted.

*Recommended to Council

The report provides details of investments undertaken and return achieved in the first eight months of the current financial year and an introduction to the 2024/25 Treasury Management and Annual Investment Strategy.  Members are invited to recommend adoption of the Strategy to Cabinet.

The report of the Director of Finance and Transformation provided details of investments undertaken and return achieved in the first eight months of the current financial year and introduced the Treasury Management and Annual Investment Strategy 2024/25 attached at Annex 5 to the report.

In addition, the report made reference to non-treasury management practices and the required procedures to ensure compliance with the Treasury Management and Prudential Codes of Practice and Statutory Guidance on Local Government Investments. 

A full list of investments held on 30 November 2023 was attached at Annex 1 to the report and a copy of the lending list at Annex 2.  In terms of cash flow and core cash investments, £1,959,433 was earned in interest to the end of November 2023, which was above the original budget estimate for the same period.  The increase reflected the continued upward movement of interest rate rises and the favourable rates available to the Council.  During the period 1 April 2023 to 30 September 2023, the £5m investment in property funds generated dividends of £92,939, which represented an annualised return of 3.72%, compared to 3.49% in 2022/23.

The parameters to limit the Borough Council’s exposure to investment risks were summarised in Annex 5.  There were no changes to the current approved risk parameters proposed at this time.

RECOMMENDED*: That

(1)    the treasury management position as at 30 November 2023 be noted; and

(2)    the Treasury Management and Annual Investment Strategy for 2024/25 (attached as Annex 5) be adopted.

*Referred to Cabinet