Agenda item

The Council noted a report of the Corporate Director of Resources which provided information on the treasury management mid-year position for 2024/25, a summary of the Council’s treasury position, borrowing activity, investment activity, treasury management and prudential indicators at 30 September 2024 and an overview of activity during the first six months of 2024/25 (for copy see file of Minutes).

Councillor R Bell, Deputy Leader and Portfolio Holder for Finance thanked the Corporate Director and his team for the comprehensive update on the Council’s treasury management activity during the first half of the financial year. He further thanked the Audit Committee and added that it was pleasing to note that the Council had continued to fully comply with all the requirements of the treasury management policy and strategy.

Moved by Councillor R Bell, Seconded by Councillor A Watson and

Resolved:

That the Council:

(a) Note the Treasury Management position as at 30 September 2024, the treasury management activity during the first half of the financial year and compliance with the Treasury Management Strategy 2024/25;

(b) Note the update on implementation of changes in accounting for leases that came into effect from 1 April 2024;

(c) Approve the changes to accounting arrangements for Minimum Revenue Provision (MRP), applicable from 1 April 2024, and note the financial implications of this policy change, which will deliver MTFP savings in 2025/26; and

(d) Approve the changes to monetary counterparty limits from 11 December 2024 in response to the reduction in cash investment balances held.