Issue - meetings

The Executive Member for Financial Sustainability presented the Treasury Management 2024/25 Outturn. Members heard that the Council was required under the CIPFA Code of Practice to approve treasury management reports twice yearly. The report provided an overview of the external economic environment, highlighting the rise in the 10-year gilt rate from 3.94% to 4.69%, which significantly influenced borrowing costs.

The Executive Member for Financial Sustainability said that over the year, external borrowing increased from £53.6 million to £64.5 million, while investments rose from £33.7 million to £39.3 million, resulting in a net borrowing increase of £5.3 million to support the capital programme. The report confirmed that the Council had complied with the CIPFA Treasury Management Code by monitoring the required indicators.

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

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 Treasury Management Outturn and Prudential Indicators for 2024/25 be approved.

The Executive Member for Financial Sustainability presented the Treasury Management 2024/25 Outturn. Members heard that the Council was required under the CIPFA Code of Practice to approve treasury management reports twice yearly. The report provided an overview of the external economic environment, highlighting the rise in the 10-year gilt rate from 3.94% to 4.69%, which significantly influenced borrowing costs.

The Executive Member for Financial Sustainability said that over the year, external borrowing increased from £53.6 million to £64.5 million, while investments rose from £33.7 million to £39.3 million, resulting in a net borrowing increase of £5.3 million to support the capital programme. The report confirmed that the Council had complied with the CIPFA Treasury Management Code by monitoring the required indicators.

The Executive Member for Financial Sustainability advised that the recommendation should read ‘That the Executive recommend to Council that the Treasury Management Outturn and Prudential Indicators for 2024/25 be approved’.

The Executive Member for Financial Sustainability proposed that the amended recommendation be supported. C The Executive Member for Corporate Services seconded the proposal.

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

RESOLVED – The Executive recommended to Council that the Treasury Management Outturn and Prudential Indicators for 2024/25 be approved.

The Director for Finance, Risk and Performance introduced the report which was the last of the three reports which Members receive each year on treasury management, and which provide outturn position against what Members set in the TMSS.

The Director for Finance, Risk and Performance said that the report provided Members with position on Capital Financing Requirement (CFR), Council borrowing - which has increased from £53m to £64m in line with projections, and detailed the investment position, which stood at £39m – a difference from £34m for 23/24.

The Director for Finance, Risk and Performance highlighted the compliance section of the report (from page 215 of the agenda pack) which confirmed that the Council had complied with thetreasury management code, and importantly that there had been no breaches.

The Chair thanked the Director for Finance, Risk and Performance for the report.

Mr Sharman asked if there were any indicators which were cause for concern.

The Director for Finance, Risk and Performance said that the Council was in a good position, with it being key that the borrowing limit and operational boundaries had not been breached.

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

RESOLVED – that the Treasury Management Outturn and Prudential Indicators for 2024/25 be examined and any comments given.