Issue - meetings

This report updates members on Treasury Management activity and confirms that the Council has complied with its Prudential Indicators for 2022/23.

Cabinet RESOLVED:

(1)      To note the 2022/23 Treasury Management Outturn Report and the Minimum Revenue Provision (MRP) Strategies set out in Appendix 4-6 of the report.

(2)      To agree that the Treasury Management Outturn Report and appendices be forwarded to Full Council for approval, in compliance with CIPFA’s Code of Practice on Treasury Management.

(3)      To note that for 2022/23 the Council had complied with its Prudential Indicators which were approved by Full Council on 24 February 2022 as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement.

Councillor Tatler (as Deputy Leader and Cabinet Member for Finance, Resources and Reform) introduced a report updating members on Treasury Management activity during 2022 - 23.

In considering the report Cabinet noted the economic background in relation to the current outturn position which included the continuing economic volatility and challenges arising from the war in Ukraine and increase in both inflation and interest rates.  In recognising the importance of the Treasury Management function in managing and planning for the level of funding required to support the Council’s activities, services and affordability of the capital programme members noted that the activity looked to optimise the effect of borrowing costs and investment income whilst managing the associated risks in line with the Council’s Treasury Management Strategy and Prudential Indicators, which had been approved by Full Council in February 2022 and in accordance with relevant professional codes and legislation.

In noting that the Council had complied with its Prudential Indicators for 2022 – 23, members attention was also drawn to a review of the Minimum Revenue Provision (MRP) undertaken following a recommendation from the Council’s external auditor which had resulted in a change of approach for assets acquired prior to 2008.  This had resulted in the expected economic life of these assets having to be revised downwards from 100 years to 49 with the changes reflected in the updated MRP statements for 2021 – 22 through to 2023 – 24 included within Appendices 4 – 6 of the report and requiring formal approval by Council.

Cabinet thanked officers for their work in relation to managing the Council’s Treasury Management activity and having considered the report RESOLVED:

(1)    To note the 2022/23 Treasury Management Outturn Report and the Minimum Revenue Provision (MRP) Strategies set out in Appendix 4-6 of the report.

(2)    To agree that the Treasury Management Outturn Report and appendices be forwarded to Full Council for approval, in compliance with CIPFA’s Code of Practice on Treasury Management.

(3)    To note that for 2022/23 the Council had complied with its Prudential Indicators which were approved by Full Council on 24 February 2022 as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement.