Issue - meetings

The Panel is invited to comment on the Treasury Management 6 Month Performance Review Report.

Executive Councillor: B Mickelburgh

By means of a report by the Director of Finance and Corporate Resources (a copy of which was appended in the Minute Book) the Treasury Management 6 month Performance Review was presented to the Panel.

Following a question from Councillor Gardener, the Panel heard that investment properties are revalued annually, the valuations take into account rents received (and lease lengths) so although there is an awareness of empty units at present, specifically at the Rowley Centre, the property value figures will not be adjusted until the 2023/24 year end.

Councillor Martin further enquired about the liquidity of the Council and how this compared to past years. The Panel were advised that the last couple of years had a similar look whereas historically before that there had been lower cash balances, especially by the end of the financial year (when less council tax is collected) when cash balances could be near zero. The current liquidity levels are expected to be maintained in the short term to medium term, and it was observed that as the cash balances are in part as a result of significant CIL reserves, future CIL receipts and projects are likely to affect the cash balances.

The Panel were advised that a revised table, on properties included within the “Existing Portfolio” grouping, would be added to future Treasury Management reports as an appendix following an enquiry from Councillor Martin.

Following the discussion, it was

RESOLVED

that the comments of the Overview and Scrutiny Panel be passed to Cabinet for their consideration when making a decision upon the recommendations contained within the report.