Lead member – Councillor Gwilym Butler - Portfolio Holder for Finance and Corporate Resources

Report of Ben Jay, Assistant Director of Finance & ICT (Deputy s151 Officer)

RESOLVED:

That Cabinet reviewed the position as set out in the report –

1.     Noting the summary of the wider economic environment and the Council’s borrowings and investments set out in Appendix A

2.     Noting the performance within prudential indicators for quarter 1, 2023/24 (Appendix B)

The Portfolio Holder for Finance, Corporate Resources and Communities presented the report which outlined the treasury management activities of the Council in the second quarter of 2023/24. It highlighted the economic environment in which treasury management decisions had been made and the interest rate forecasts of the Council’s Treasury Advisor, Link Asset Services. It also updated Members on the internal treasury team’s performance.

Members noted the investment portfolio was approximately £58m and the spending for the NWRR was £22-25m would not leave much in reserves. The Portfolio Holder advised that the capital balances were boosted by Covid and government funding and that much of the capital had been ringfenced for certain projects.

RESOLVED:

That Cabinet reviewed the position as set out in the report –

1.     Noting the summary of the wider economic environment and the Council’s borrowings and investments set out in Appendix A

2.     Noting the performance within prudential indicators for quarter 1, 2023/24 (Appendix B)