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 Annual Performance Report.

1.2           To recommend the report to Council

Resolved

(1)            That the Treasury Management Annual Performance Report 2024/2025 be noted.

(2)            That the Treasury Management Annual Performance Report 2024/2025 be recommended to Council.

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

In introducing the report, the Portfolio Holder for Finance, Property and Regeneration advised that as at 31 March 2025 the Council had borrowings of £165M, with an arranged overdraft of £15M and investments of £5M, which resulted in a net borrowing of £160M. This was similar to the 31 March 2024 year end net borrowing figure of £159M. The Treasury Management budget outturn position 2024/25 was a surplus of £1.571M. 

In response to a question regarding the increase in the estimated ratio of financing costs to 36.8% in 2026/27, the Committee was advised that this was due to the anticipated business rates reset that was being implemented by Central Government.

In response to questions from the Committee regarding comparative data for the non-treasury investments position and the assumptions that had been made relating to the forecasted increase on financial investments, the Assistant Director of Finance agreed to provide this data after the meeting.

Resolved

(1)            That the Treasury Management Annual Performance Report 2024/2025 be noted.

(2)            That the Treasury Management Annual Performance Report 2024/2025 be recommended to Council.