Issue - meetings

To consider the report of the Deputy Leader of the Council and Cabinet Member for Resources providing an update on treasury management activities for 2023/24.

To consider the report of the Cabinet Member for Resources seeking Members to note treasury management activities for the period 1^st October 2023 to 31^st March 2024, prudential indicators, interest rate forecasts and an overview of the financial year 2023-24.

RESOLVED that the contents of the report are noted.

9.1      Cabinet considered the report of the Cabinet Member for Resources which provided an update on the Council’s treasury management activities between October 2023 and March 2024, as well as an overview of the Council’s performance for the financial year 2023-24.

9.2      Councillor Wilson summarised the report and confirmed that it had also been recently presented to the Audit and Governance Committee. He advised Members that 3.2 of the report set out the level of funds available for investment purposes. He further pointed Members to 3.3 in the report which confirmed that the Council held £11.189m core cash balances for investment purposes, and that these funds were available for more than 1 year.

9.3      Councillor Wilson provided an overview of the Council’s new long-term borrowing at 4.0 in the report, noting that in the second half of 2023/24, the Council had undertaken 2 lots of new borrowing for the Kings Square redevelopment and Food Dock, as well as borrowing for the purchase of multiple temporary accommodation properties.

9.4      Councillor Wilson further outlined the debt rescheduling update at 5.1 in the report and referred Cabinet to the Prudential and Treasury Indictors which were set out in Appendix 1. He confirmed that the Council had operated within the authorised prudential indicators in 2023-24.

RESOLVED that the contents of the report are noted.