Issue - meetings

To receive an update on the Council’s treasury management activity during 2023/24, including investment and borrowing activity and treasury performance.

Executive Councillor: B Mickelburgh.

The Cabinet has considered and commented on the treasury management performance for 2023/24 and recommends the report to Council for consideration.

The Cabinet gave consideration to a report by the Chief Finance Officer (a copy of which is appended in the Minute Book) on treasury management performance for period between 1st April 2023 and 31st March 2024. Members’ attention was drawn to the impact of higher than expected interest rates and inflation during the period.

Councillor Mickelburgh commented that receipts from the Commercial Investment Strategy property portfolio were lower than expected, but that this was the result of refurbishments being undertaken. He also referred to the technical accounting reasons for the value of a property being lower than the loan used to acquire it. The sale value would be higher than the figure reported.

In response to a question from Councillor Taylor, Councillor Mickelburgh outlined the arrangements for monitoring the condition of commercial properties and for verifying that those arrangements were effective.

Following a question by Councillor Davenport-Ray, the Financial and Treasury Accountant undertook to investigate how social benefits for the District might be reflected in the Council’s treasury management and investment activities.

Having noted that, as requested by the Overview and Scrutiny Panel, training in this area would be arranged, it was

RESOLVED

  that the report be approved for submission to the Council.