The Cabinet considered a report of the Director of Finance that advised members of the performance of the Treasury Management function of the Council for 2023/24 and provided a comparison of performance against the 2023/24 Treasury Management Strategy and Prudential Indicators.
The Council was required to consider the performance of the Treasury Management function in order to comply with the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management (revised 2021). The report provided an update and included the new requirement in the 2021 Code, mandatory from 1st April 2023, of quarterly reporting of the treasury management prudential indicators. The report also set out the key Treasury Management issues for Members’ information and reviews and outlined the following:
• An economic update for 2023/24.
• An update of the Council’s current treasury management position.
• Council Borrowing.
• Treasury Investment Activity.
• Treasury Performance for 2023/24.
• Treasury Management Prudential Indicators.
This report was presented to and considered by the Audit Committee at its meeting on 27th June 2024. The Audit Committee has responsibility for scrutinising all of the Council’s treasury management arrangements. All questions and issues raised at the meeting were addressed to the satisfaction of the Committee Members. The Committee was therefore content to recommend the report to Cabinet for approval.
Resolved, that the Cabinet:
1. Approves the actual 2023/24 prudential and treasury indicators presented in this report.
2. Approves the annual Treasury Management Outturn report for 2023/24.
3. Commends this report to Council.