Issue - meetings

To consider the report of the Interim Chief Finance Officer (to follow).

The Committee considered the report of the Interim Chief Finance Officer setting out the Council’s investment activity for the first half of 2024 / 25 in accordance with the Chartered Institute of Public Finance and Accountancy (CIPFA) Treasury Management (TM) Code and the Council’s Treasury Management Policy and Treasury Management Practices (TMPs).

The report provided an update on the following areas and further details were set out in the related Appendices:

·                An overview of the external economic environment - Appendix 1 to the report had been prepared by the Link Group who provide treasury management consultancy and advice services to the Council.

·                It was noted that as a result of capital receipts and internal borrowing invested balances would decrease.

·                Investment Activity (April – September 2024)

·                Performance – Budgeted income and outturn - The Interim Chief Finance Officer highlighted that the average return on investments was highlight that the 4.0% assumed in the 2024 / 25 Budget setting report.

·                Outlook for the remainder of 2024 / 25 provided by the Link Group (attached at Appendix 2 to the report).

·                Compliance with Prudential Indicators (Appendix 3) and Treasury Management Strategy.

It was noted that only one of the Prudential Indicators had been breached and a mindful approach had been taken in relation to investment activity with priority being given to security and liquidity over yield.

The Chairperson moved the recommendation as set out in the report. This was seconded and duly agreed.

RESOLVED that the Treasury Management report be received for compliance purposes.