Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2022/070

Contact: Tim Chapple, Treasury Manager, 07917 262935

Report by Director of Finance (CA7).

This report covers the treasury management activity for the first quarter of 2022/23 in compliance with the CIPFA Code of Practice on Treasury Management 2021.  It provides an update on the anticipated position and prudential indicators set out in the Treasury Management Strategy Statement & Annual Investment Strategy for 2022/23 agreed as part of the council’s budget and Medium Term Financial Strategy in February 2022.

Cabinet is RECOMMENDED to note the report, and to RECOMMEND Council to note the Council’s treasury management activity the first quarter of 2022/23.

Recommendations agreed

Cabinet considered a report covering the treasury management activity for the first quarter of 2022/23, providing an update on the anticipated position and prudential indicators set out in the Treasury Management Strategy Statement & Annual Investment Strategy for 2022/23 agreed as part of the Council’s budget and Medium Term Financial Strategy in February 2022.

Councillor Calum Miller, Cabinet Member for Finance, introduced the report.  It needed to be viewed in the context of 10% inflation and the threat of recession.  As a result of higher interest rates, interest receivable had increased by £2.24m.  The Council also needed to borrow less this year, saving £600,000.

Councillor Miller was confident that the Council’s lending to local authorities was well secured.  The £100m invested in external funds was viewed as a long-term investment.  So the current volatility in the market was not of great concern and the investments were producing a reasonable dividend.

The recommendations were moved by Councillor Miller, seconded by Councillor Sudbury and agreed.

RESOLVED to note the report, and to RECOMMEND Council to note the Council’s treasury management activity in the first quarter of 2022/23.