Issue - meetings

To receive an update on the Council’s treasury management activity for the first 6 months of the year, including investment and borrowing activity and treasury performance.

Executive Councillor: B Mickelburgh.

The Cabinet has

(a)  noted the treasury management performance included in the Treasury Management 6 Month Performance Review, for the first 6 months of 2024/25; and

(b)  recommended the report to Council for consideration.

A report by the Director of Finance and Corporate Resources was submitted (a copy of which is appended in the Minute Book) updating Members on the Council’s treasury management activity for the first 6 months of the year, including investment and borrowing activity and treasury performance.

The Financial and Treasury Accountant delivered an update to Members reporting that interest rates had fallen from 4.9% to 3% over the reporting period. Consequently, the Council’s cash balances were holding up well. Updates were then delivered on borrowing, investing and the Liability Benchmark.

Having been presented with the views of the Overview and Scrutiny Panel (Performance & Growth) by the Executive Councillor for Finance and Resources, the Cabinet

RESOLVED

(a)  to note the treasury management performance included in the Treasury Management 6 Month Performance Review, for the first 6 months of 2024/25; and

(b)  to recommend the report to Council for consideration.

The meeting concluded at 7:53pm.

The Panel is invited to comment on the Treasury Management 6 Month Performance Review 2024/25.

Executive Councillor: B Mickelburgh

By means of a report by the Director of Finance and Resources (a copy of which was appended in the Minute Book), the Treasury Management 6 Month Performance Review 2024/25 Report was presented to the Panel.

The Panel heard that, following the announcement of the government’s Autumn budget, no immediate change was anticipated, however interest rates may stay higher for longer, due to possible higher levels of government borrowing, and also possible inflation pressures where higher interest rates might be used to control this pressure. But it was noted that it was too early to tell at this stage.

The Panel were advised that the detail within the report relating to the CIS portfolio was reported in the manner requested by the auditors.

Following a suggestion to decrease the rent in the empty units at the Rowley Centre to encourage tenants, the Panel heard that this was commercially sensitive and would be discussed within the item following.

Following the discussion, it was

RESOLVED

that the comments of the Panel would be added to the Council report to allow for visibility during their consideration of the report.