Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council note the content of the report.

Reason for Decision: As set out in the report.

The Executive received the statutory report on the current Treasury Management performance for the 2023/24 financial year and the position regarding investments and borrowings at 31 March 2024.

Particular reference was made to:-

·         the challenges to interest rates, borrowing, investing, assets and cash;

·         the economic context and interest rate forecasts from the treasury management advisors, highlighted the changes since the previous year where it was originally forecast that interest rates would drop;

·         going forward with a change in government, it would be difficult to provide an economic outlook; and

·         the general fund had an improved position of £747,000 compared to the expected budget, with over a million pounds for the HRA, which was included in the budget for 2024-25.

Opposition group leaders spoke on the item and made the following points:-

·         Cllr Mitchell – enquired at what stage would a normal interest rate be considered?

The Leader highlighted the £164.7 million, which was used by the ratepayer’s alliance for the amount of debt that the Council had and advised that the payable net interest would be less than 1%on average. He expressed his thanks to the Director Finance and his team for their hard work.

The Director Finance advised that although the budget was £1.5 million, the

actual spend was £798,000.

The Leader moved, and Councillor Wright seconded, the recommendations which were voted upon and CARRIED unanimously.

RECOMMENDED that Council note the content of the report.