Issue - meetings

This report sets out the outturn for the Council’s Treasury Management Activities for 2024/25.

Cabinet RESOLVED

(1)       To note the overall financial performance for 2024/25, as set out within the report.

(2)       To approve submission of the report to Full Council for approval in accordance with the Chartered Institute of Public Finance and Accountancy's Treasury Management in the Public Services: Code of Practice.

Eligible for call-in: No (report referred to Council for final approval)

In Councillor Mili Patel’s absence (as Deputy Leader and Cabinet Member for Finance & Resources), Councillor Muhammed Butt (as Leader of the Council) introduced a report from the Corporate Director Finance & Resources presenting the outturn for the Council’s Treasury Management activities 2024-25, in accordance with the Local Authorities (Capital Financing and Accounting) Regulations 2003.

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 as a result of ongoing global geo-political tensions.  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 2023 and in accordance with relevant professional codes and legislation.

In commending what members felt to be Brent’s prudent financial stewardship the commitment made in seeking to ensure the Council continued to borrow in as sustainable a way as possible to deliver on key infrastructure projects without compromising the longer term stability of the debt portfolio and to ensure its investment portfolio remained as diversified as possible was also recognised given the continued nature of pressures faced.

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 overall financial performance for 2024-25, as set out within the report.

(2)       To approve submission of the report to Full Council for approval in accordance with the Chartered Institute of Public Finance and Accountancy's Treasury Management in the Public Services: Code of Practice.