Issue - meetings

A report providing a summary of the treasury activities to the end of September 2023 and covering the actual position to date on the Prudential Indicators in accordance with the Prudential Code.

Cabinet RECOMMENDED to Council that:

1)    The mid-year position on treasury activity for 2022-23 be noted;

2)    The mid-year position on Prudential Indicators for 2022-23 be noted.

The Portfolio Holder for Corporate Finance, Property and Resources introduced the report, the purpose of which was to provide a summary of the treasury activities to the end of September 2023 and inform Members of the actual position to date on the Prudential Indicators in accordance with the Prudential Code.

The Portfolio Holder for Corporate Finance, Property and Resources thanked the Finance team for their excellent work and confirmed that Melton Borough Council was the top of the benchmarking group in the East Midlands in terms of our investment returns which had resulted in the Council meeting its objectives this year.

Cabinet recommended to Council that:

1)    NOTED The mid-year position on treasury activity for 2022-23.

2)    NOTED The mid-year position on Prudential Indicators for 2022-23.

Reasons for recommendations:

The Prudential Code requires the Council to monitor and report performance on Treasury Management activities at least quarterly.  As a minimum 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.