Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council note the content of this report.

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 regarding investments and borrowings at 31 March 2023.

Particular reference was made to:-

·         lower levels of required borrowing and in-year Capital Expenditure, meant that the Council had paid significantly less interest than was expected;

·         due to the higher interest rates, the Council had earned more interest from investments; and

·         a Section 114 notice had been issued by Woking Borough Council and the £5 million invested with them had been refunded back to Exeter City Council.

Councillor M. Mitchell, as an opposition group leader, spoke on this item and enquired on how flexible could the Council be in regards to borrowing and investing with increased market rates.

In responding, the Deputy Chief Finance Officer advised that Treasury Management practices are managed in accordance with the Prudential Code for Capital Finance, which provides a level of flexibility for the Council but we need to consider security, liquidity and then yield.

RECOMMENDED that Council note the content of this report.