Issue - meetings

[To approve the Treasury Management Activity Monitoring - Mid Year Review 2022-2023]?

1. That it be noted, a mid-year review of the Treasury Management Strategy Statement had been undertaken and the Council had operated within the limits and requirements approved in March 2022.
2. That it be noted, that a revenue underspend of £3.4 million for the General Fund and a revenue overspend of £996,000 for the Housing Revenue Account (HRA) were forecast from treasury management activities in 2022-2023.

The Cabinet Member for Resources and Digital City, Councillor Obaida Ahmed, presented the report on Treasury Management Activity Monitoring - Mid Year Review 2022-2023for approval.

The report provided Council with a monitoring and progress report on treasury management activity for the second quarter of 2022-2023 as part of the mid-year review, in line with the Prudential Indicators approved by Council in March 2022.

The Cabinet Member for Resources and Digital City, Councillor Obaida Ahmed, proposed the recommendations and the Leader of the Council, Councillor Ian Brookfield seconded the recommendations.

The report was debated by Council. Councillor Obaida Ahmed replied to the

debate.

Resolved:

1. That it be noted, a mid-year review of the Treasury Management Strategy Statement had been undertaken and the Council had operated within the limits and requirements approved in March 2022.
2. That it be noted, that a revenue underspend of £3.4 million for the General Fund and a revenue overspend of £996,000 for the Housing Revenue Account (HRA) were forecast from treasury management activities in 2022-2023.

[To approve the Treasury Management Activity Monitoring - Mid Year Review 2022-2023]

That Council be asked to note:

1.    That a mid-year review of the Treasury Management Strategy Statement has been undertaken and the Council has operated within the limits and requirements approved in March 2022.

2.    That a revenue underspend of £3.4 million for the General Fund and a revenue overspend of £996,000 for the Housing Revenue Account (HRA) are forecast from treasury management activities in 2022-2023.

That Cabinet notes:

1.    That the outcome of the Chartered Institute of Public Finance and Accountancy (CIPFA) consultation on proposals to update the CIPFA Code of Practice on Local Authority Accounting for infrastructure assets is still to be finalised.

Councillor Obaida Ahmed presented the Treasury Management report for recommendation to Full Council for approval.  The report set out the results of treasury management activities for both the General Fund and Housing Revenue Account (HRA) carried out in the second quarter of 2022- 2023, together with performance against the Prudential Indicators previously proved by Council. The Council continued to operate within its overall approved Prudential and Treasury Management Indicators during 2022-2023.  The Council had built up a strong track record of managing its finances well and in order to reduce interest payment costs its strategy was to only undertake external borrowing when cash flows required it.  The Council had not had to undertake any new external borrowing so far in 2022-2023 and the last time the Council carried out external borrowing was March 2019.  The Council’s external borrowing remained at £720.4 million. From current forecasts an underspend was projected on treasury management activities on the General Fund of £3.4 million and an overspend of £996,000 for the HRA.

Resolved:

That Council be asked to note:

1.    That a mid-year review of the Treasury Management Strategy Statement has been undertaken and the Council has operated within the limits and requirements approved in March 2022.

2.    That a revenue underspend of £3.4 million for the General Fund and a revenue overspend of £996,000 for the Housing Revenue Account (HRA) are forecast from treasury management activities in 2022-2023.

That Cabinet notes:

1.    That the outcome of the Chartered Institute of Public Finance and Accountancy (CIPFA) consultation on proposals to update the CIPFA Code of Practice on Local Authority Accounting for infrastructure assets is still to be finalised.