Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council note the Treasury Management report in respect of the first six months of the 2022/23 financial year.

Reason for Decision: As set out in the report.

The Executive received the statutory report on the current Treasury Management performance for the 2022/23 financial year and the position of investments and borrowings at 30 September 2022. The Council was currently maintaining an under-borrowed position, so the actual borrowings of the Council were below the Council’s borrowing requirement, as it had taken advantage of internal borrowings

The Director Finance explained that, because of the volatile interest rates, especially the Government Gilts which underpinned the Public Works Loans Board, the Council’s stated borrowing strategy was to defer borrowing until later years, where possible, and to reduce the size of the Council’s investment balance instead.

Councillor Jobson, as an opposition group leader, spoke on this item and sought clarification that Thurrock Council and the Standard Chartered fixed term deposits had been re-paid? She also enquired whether there would be an assessment on any future loans from the Public Works Loan Board (PWLB).

The Leader, in responding to questions raised, advised that:-

·        the Thurrock Council fixed rate deposit had been repaid in full and the Standard Charter fixed term deposit had been rolled over for a further six months; and

·        the Council’s Treasury Management advisors provided a regular assessment of the interest rates.

RECOMMENDED that Council note the Treasury Management report in respect of the first six months of the 2022/23 financial year.