Issue - meetings

A report providing a summary of the Treasury activities to the end of June 2023.

Cabinet:

1)    NOTED the Quarter 1 position on treasury activity for 2023-24.

2)    NOTED the Quarter 1 position on Prudential Indicators for 2023-24.

The Portfolio Holder for Corporate Finance, Property and Resources introduced the report, the purpose of which was to provide a quarterly report of the Council's reporting procedures and a summary of the Treasury activities to the end of June 2023.

The Portfolio Holder for Corporate Finance, Property and Resources was pleased to see that we are one of the Top performers in the East Midlands within the benchmarking group that tracks our returns from investments, this additional income is very welcome and helps offset inflationary pressures seen elsewhere in the budget.  The higher interest rates have been locked in long term and will continue into the next financial year. Thanks were given to the financial team as our interest rates are doing very well.

Cabinet:

1)    NOTED the Quarter 1 position on treasury activity for 2023-24.

2)    NOTED the Quarter 1 position on Prudential Indicators for 2023-24.

Reasons for Recommendations:

The Prudential Code requires the Council to monitor and report performance on Treasury Management activities at least quarterly. As a minimum full Council need to receive an annual report on the strategy and plan for the coming financial year, a mid-year review and an annual report on performance of the treasury management function. In addition, monitoring reports should be received at least quarterly alongside revenue and capital monitoring by the cabinet as the body delegated responsibility for treasury management functions.

To facilitate the decision-making process and support capital investment decisions the Prudential Code requires the Council to agree and monitor a minimum number of prudential indicators.