Issue - meetings

(a)       That the draft Treasury Management Annual Report 2022/23 be noted, with no matters to be drawn to the attention of Cabinet in September; and

(b)       That the Treasury Management 2023/24 first quarter update be noted.

The Corporate Finance Manager presented the draft Treasury Management Annual Report 2022/23 for review and recommendation to Cabinet.  The Quarter 1 update on matters relating to the Treasury Management Policy, Strategy and Practices 2023/24 was also shared for information, along with the reporting cycle.  In accordance with the usual process, a training session would be held for all Members on 8 December 2023 prior to approving the Treasury Management Strategy for 2024/25.

An overview was provided of key sections of the Annual Report including the impact of economic issues and interest rates during the period.  The first quarterly review for 2023/24 provided an update on investments and borrowing activities.

In response to a question from the Chair on section 3.02 of the Annual Report, officers agreed to provide a separate response to the different figures for new debt shown in the tables of borrowing activity.

Sally Ellis asked about borrowing requirements to support the Capital Programme for the remainder of 2023/24.  The Corporate Finance Manager said that in conjunction with advice from Arlingclose, the strategy to utilise short-term borrowing balanced with interest rates would continue and would be reflected in quarterly reports to the Committee.  On a further question, he confirmed that the Internal Audit service assisted with treasury management activity.

The recommendations were moved and seconded by Sally Ellis and Brian Harvey.

RESOLVED:

(a)       That the draft Treasury Management Annual Report 2022/23 be noted, with no matters to be drawn to the attention of Cabinet in September; and

(b)       That the Treasury Management 2023/24 first quarter update be noted.