Issue - meetings

To receive a report from the Corporate Director of Finance & Resources updating members on Treasury Management activity and confirming that the Council has complied with its Prudential Indicators for 2023 - 24.

Members are asked to note that this report was received and noted by the Audit & Standards Advisory Committee on 24 July 2024 and Cabinet on 9 September 2024 and has been forwarded to Council in compliance with CIPFAs Code of Practice on Treasury Management.

The Mayor then invited Councillor Mili Patel, as Deputy Leader and Cabinet Member for Finance & Resources, to introduce a report from the Corporate Director of Finance and Resources updating members on the Council’s Treasury Management Activity during 2023 - 24.  In introducing the report, the Deputy Leader felt it important to recognise the economic background in relation to the current outturn position which included the continuing economic volatility and challenges arising as a result of ongoing global geo-political tensions and the impact of current inflation and interest rates.  In highlighting 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 were also advised of the activity being undertaken 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 that had been approved by Full Council in February 2023 and in accordance with relevant professional codes and legislation.

The Mayor thanked Councillor Mili Patel for introducing the report and then opened the debate for contributions from other members.

In highlighting the role of banks in terms of the level of investment and borrowing activity undertaken in support of the Council’s Treasury Management activity Councillor Lorber took the opportunity to express concern at the ongoing closure of high street bank branches and lack of progress being made in the roll out of banking hubs across the sector given the impact on local residents. As such he highlighted what he felt was a need for ongoing lobbying and pressure to be applied across the sector, supported by local authorities to address the issue.

Speaking in response, Councillor Kelcher took the opportunity to highlight and welcome the recent announcement by the Government on the work being undertaken with the banking sector to ensure that at least 350 banking hubs were delivered across the UK.

As no other members indicated they wished to speak the Mayor thanked members for their contribution and invited Councillor Mili Patel to exercise her right of reply.  In summing up, Councillor Mili Patel advised that she had also recognised the importance in seeking to maintain face to face banking provision for local communities and on high streets and therefore welcomed the focus of the new Government in working with Cash Access UK, as the organisation responsible for overseeing the hub rollout, to continue championing access for all as a priority.

Having thanked members for their contributions the Mayor then put the recommendations in the report to the vote and they were declared CARRIED.

Council therefore unanimously RESOLVED to note and approve, following its consideration by Audit & Standards Advisory Committee on 24 July 2024 and Cabinet on 9 September 2024, the 2023 - 24 Treasury Management outturn report in accordance with the Chartered Institute of Public Finance and Accountancy's Treasury Management in the Public Services: Code of Practice.