Issue - meetings

Report of Assistant Director of Finance (Section 151 Officer)

Purpose of report

To provide information on treasury management performance and compliance with treasury management policy for 2024-25 as required by the Treasury Management Code of Practice.

To demonstrate that all treasury management activities undertaken during the reporting period complied with the CIPFA Code of Practice and the council’s approved Treasury Management Strategy.

Recommendations

The Accounts, Audit and Risk Committee resolves:

1.1     To note the contents of this Treasury Management Q3 2024/25 report.

Resolved

(1)          That the Treasury Management Q3 2024/25 report be noted.

The Assistant Director Finance (S151 Officer) submitted a report which provided information on treasury management performance and compliance with treasury management policy for 2024-25 as required by the Treasury Management Code of Practice.

The Committee was advised that Council had operated within the Treasury and Prudential indicators as set out in the Treasury Management Strategy Statement 2024-25.

In response to questions regarding borrowing costs and investment income, the Committee was advised that the Council had locked in its borrowing at a lower rate and had been able to invest any surplus income from investments at a higher rate.

In response to a question regarding the management of a particular loan, the Committee was advised that there was currently little difference between the use of the overdraft compared to a loan. It was anticipated that the borrowing rate of the latter was expected to drop in the next couple of months and officers would then review the situation.

In response to a question regarding the investment of funds in green investments the Committee was advised that security, liquidity and yield remained the primary investment considerations as required by the Treasury Management Code. The Assistant Director of Finance explained that there were potentially times where investment offers were similar and in these situations the Council would always select the green option.

Resolved

(1)        That the Treasury Management Q3 2024/25 report be noted.