Issue - meetings

The Executive Member for Financial Sustainability presented the Annual Treasury Management Review 2023/24 which required the council to publish a report twice a year following CIPFA guidance. The report gave the background on the external economic environment and of particular concern to the council was the 10-year gilt rate which had increased over the year. He said that the report also detailed the council’s borrowing which had increased from £31.5 million to £50 million, and investments which had fallen from £34.9 million to £30.4 million due to the need to fund the capital programme.

Councillor Brittain proposed that the recommendation in the report be supported. Councillor Dumont seconded the proposal.

Councillor Buckmaster asked what qualified as a short-term loan.

Councillor Brittain said that a short-term loan was a loan with up to a one-year term.

Councillor Redfern requested that a brief summary was provided alongside the technical finance reports to help councillors understand the facts.

Councillor Deering referred to the Lothbury Fund and asked for clarification that the investment fund was being wound up.

Councillor Brittain confirmed that was correct and they were selling up assets and returning capital back to investors.

The motion to support the recommendation having been proposed and seconded was put to the meeting and upon a vote being taken, was declared CARRIED.

RESOLVED - That the Annual Treasury Management Review 2023/24 be approved.

The Executive Member for Financial Sustainability presented the Annual Treasury Management Review 2023/24 which was required under CIPFA guidance to produce a report twice a year. The report gave the background on the external economic environment and of particular concern to the council was the 10 year gilt rate which had increased over the year. He said that the report also detailed the council’s borrowing which had increased from £31.5 million to £50 million and investments had fallen from £34.9 million to £30.4 million due to the need to fund the capital programme.

The Executive Member for Financial Sustainability amended the recommendation in the report which should read “That the Executive recommend to Council that the Annual Treasury Management Review 2023/24 be approved”.

Councillor Brittain proposed that the recommendations in the report be supported. Councillor Hoskin seconded the proposal.

Councillor Crystall said that the report had been discussed at Audit and Governance Committee and there were some corrections needed in some of the tables. He asked if this had happened.

Councillor Brittain said the majority of changes had been made.

The motion to support the recommendations having been proposed and seconded was put to the meeting and upon a vote being taken, was declared CARRIED.

RESOLVED – To recommend to Council that the Annual Treasury Management Review 2023/24 be approved.