Agenda item

The Council noted a report of the Corporate Director of Resources which provided an overview of the councils treasury management outturn performance for 2023/24, including a summary treasury position, details of borrowing activity during the year and the position as at 31 March 2024, an overview of investment activity and details of investments held at 31 March 2024, performance against the key treasury management indicators and performance against the key prudential indicators (for copy see file of Minutes).

Councillor R Bell, Deputy Leader of the Council and Portfolio Holder for Finance said it pleasing to note that the Council had fully complied with all the requirements of the Treasury Management Policy and Strategy and officers had managed cash flow and investment in line with the framework.

In response to a question from Councillor D Hall about debts, land sale strategies, the use of revenue to fund services and using land, the Corporate Director of Resources explained that the capital programme had to be funded in a certain way.  Capital receipts generated from sales of land and buildings would fund capital projects, together with government grants.  In terms of borrowing, the annual revenue budget made provisions for prudential borrowing. The questions around assets sat outside of the report but the Director would respond to Councillor Hall outside of the meeting.

Councillor Hall raised a further question about under borrowing and services being cut.  In response the Corporate Director of Resources explained that the revenue account showed the cost of borrowing, however, at this stage the interest rates were still too high to take out further loans.

Resolved:

That the report be noted.