Agenda item

This report provides an update on treasury management activities for the first half of the financial year 2025-26.

Members are asked to note that the report was considered by Audit & Standards Advisory Committee on 3 December 2025 and referred on to Council by Cabinet on 19 January 2026 for consideration in compliance with CIPFAs Treasury Management in the Public Services Code of Practice.

The Mayor then invited Councillor Mili Patel, Deputy Leader and Cabinet Member for Finance & Resources, to introduce the report from the Corporate Director of Finance & Resources updating members on Treasury Management activity for the first half of the 2025-26 financial year. Members noted that the report had also been considered and agreed by the Audit and Standards Advisory Committee on 3 December 2025 and Cabinet on 19 January 2026 who had agreed to refer it on to Council for consideration in compliance with the CIPFA Code of Practice on Treasury Management.

In introducing the report, Councillor Mili Patel advised that as part of the Council’s ongoing commitment to financial transparency, the mid-year review included details on the Council’s borrowing requirement, cash investment balances and compliance with the Prudential Indicators enabling Brent to meet its financial obligations.  Members were reminded that as part of the approach outlined in terms of managing Treasury Management activity to support the Council’s priorities, it was only possible to borrow for capital investment and not to fund operational day-to-day expenditure, for example, to offset the increasing financial pressures being experienced within the revenue budget.

As a result of the Council’s careful financial stewardship and compliance with Prudential Indicators, Councillor Mili Patel outlined the ongoing approach towards the repayment of loans along with investment in the Council’s capital programme, where possible, including key projects in Alperton and Staples Corner alongside work to increase the supply of affordable housing, support the Council’s move towards net zero, upgrading of leisure centres at Vale Farm & Willesden, support Family Wellbeing Centres and the move towards more active forms of travel.  In highlighting the ongoing commitment towards seeking opportunities to borrow in as sustainable a way as possible to deliver on key infrastructure projects the Council’s borrowing strategy was therefore recognised as continuing to address the key issue of affordability without compromising the longer-term stability of the debt portfolio

In outlining the importance of the Council’s Treasury Management function in underpinning all Borough Plan priorities and in ensuring the Council was able to continue meeting its financial obligations, including those associated with the affordability and delivery of the Capital Programme, the opportunity was taken to thank officers for their support in providing clear direction and delivery of the Council’s Treasury Management activity.  In commending the report to Council, Councillor Mili Patel ended by highlighting how this was again felt to demonstrate the prudent approach adopted in terms of the financial management required to support delivery of the Council’s wider ambitions and priorities.

The Mayor thanked Councillor Mili Patel for introducing the report and as no other members had indicated they wished to speak, and Councillor Mili Patel advised she did not wish to exercise any right of reply, he then moved to put the recommendations to the vote, which were unanimously declared CARRIED

Council therefore RESOLVED to note (in accordance with the Chartered Institute of Public Finance and Accountancy's Treasury Management in the Public Services: Code of Practice) the 2025-26 Mid-Year Treasury report detailing overall financial performance up to Quarter Two, which had been fully compliant with the Council’s Treasury Prudential Indicators set as part of the annual strategy.