Issue - meetings

The Interim Head of Strategic Finance introduced the report which was the mid-year treasury management review and prudential indicators or 2024/25. He highlighted the key issues of the report, noting that the council’s total borrowing on 30 September 2024 was £46.5 million, with investments of £19 million, giving net borrowing of £27.5 million – almost all of which was now short term.

The Executive Member for Financial Sustainability said that the report also showed the reduction in property investments as the Loftbury fund was gradually being wound up, and the council’s second fund, Hermes was likely to see changes in the next few months. The latter giving the possibility for the council to get the majority of its investment back.

The Chair thanked the Executive Member for Financial Sustainability for the report.

Mr Sharman said that he found the report difficult to understand and suggested that the inclusion of an executive summary which gave key points at its outset would be helpful.

The Interim Head of Strategic Finance said that the inclusion of key points would be considered going forward. 

It was moved by Councillor Nicholls and seconded by Councillor Hart, that the recommendations, as detailed, be approved. After being put to the meeting and a vote taken, this motion was declared CARRIED.

RESOLVED – that (A) Members examine and comment on the Mid-Year Treasury Management Review and Prudential Indicators for 2024/25.