Issue - meetings

The report sets an economic update with a Quarter 2 performance for 2023/24 which forecasts an underspend of £730k due to the increase in interest rates, an improvement from the £665k reported in Quarter 1. The report also details the Counci’ls borrowing which stood at £258m and investments at £69m.

The Assistant Chief Financial Officer presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'B' to these Minutes in the Minute Book.

The Committee was reminded of the requirement under the Chartered Institute of Public Finance and Accountancy Management Code of Practice that regular monitoring of the Treasury Management function was reported to Members.

It was explained that Council was required to approve any changes to the prudential indicators based on a recommendation from the Audit and Governance Committee.

The report included a summary of the contextual economic background and a tabulation of interest rate projections provided by the Council’s Treasury Consultants. Summaries of the Council’s borrowings and investments as at 30 September 2023 were also provided.

The report also set out an economic update and a Quarter 2 performance update for 2023/24 which forecast an underspend of £730k due to the increase in interest rates, an improvement from the £665k reported in Quarter 1. The report also detailed the Council’s borrowing which stood at £258m and investments at £69m.

RESOLVED that Audit and Governance Committee notes the reported activity of the Treasury Management function for April to September 2023.

Voting: Unanimous