Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2024/166

Contact: Tim Chapple, Treasury Manager

Tim.chapple@oxfordshire,gov.uk

Report by Executive Director of Resources and Section 151 Officer (CA10)

The Cabinet is RECOMMENDED to note the council’s treasury management activity at the end of the third quarter of 2024/25.

Recommendations approved.

The Chartered Institute of Public Finance and Accountancy’s (CIPFA’s) ‘Code of Practice on Treasury Management 2021’ requires that committee to which some treasury management responsibilities are delegated, will receive regular monitoring reports on treasury management activities and risks. Cabinet received a report which set out the position at 31 December 2024.

Councillor Dan Levy, Cabinet Member for Finance, presented the report.

confirming that the Council operated within its prudential indicators. He referred to the details in the report regarding the repayment of loans during the third quarter, and the new debt of £500,000 through a community municipal investment to finance decarbonisation initiatives.

Councillor Levy highlighted that the average rate paid on debt during the quarter was 4.41%, and the strategy on debt remained to utilise internal borrowing over the short to medium term while borrowing rates remained high. On investments, he emphasised prioritising security and liquidity.

During discussion, a member welcomed the repayment of Lobo loans and inquired about the timescale for paying off the remaining loans. Councillor Levy responded that the remaining loans would be paid off as they matured for repayment, and did not pose any financial risk to the Council.

Another member praised the Council's decision to avoid investing in certain banks due to their irresponsible lending to fossil fuel companies. He also noted the high inherent and residual scores for climate impact in the risk register, emphasising the need for comprehensive mitigation efforts.

Councillor Levy moved and Councillor Leffman seconded the recommendations, and they were approved.

RESOLVED to note the council’s treasury management activity at the end of the third quarter of 2024/25.