Issue - meetings

To consider a report by Councillor Gwyneth Ellis, Lead Member for Finance, Performance and Strategic Assets (copy enclosed) updating Cabinet on the performance of the treasury management function and to demonstrate compliance with treasury limits and Prudential Indicators during 2022/23.

RESOLVED that Cabinet –

(a)      note the performance of the Council’s Treasury Management function during 2022/23 and its compliance with the required Prudential Indicators as reported in the Annual Treasury Management Report 2022/23 (Appendix 1 to the report), and

(b)      confirms it has read, understood and taken account of the Wellbeing Impact Assessment (Appendix 2 to the report) as part of its consideration.

The Head of Finance and Audit presented the report updating Cabinet on the performance of the treasury management function and demonstrating compliance with treasury limits and Prudential Indicators during 2022/23.

The Head of Finance and Audit highlighted the main points in terms of borrowing and investment activity.  There had been a number of maturing loans and £30m of new borrowing, that amount would significantly increase the following year when borrowing on behalf of the Welsh Government who would be funding the repayments for the coastal defence schemes.  Investment activity was all short term and related to cash waiting for expenditure which was borrowed just before it was needed.  Members were also guided through those prudential indicators detailed in Annex B confirming appropriate ratios of financing costs and borrowing levels within limits.  The ratio of financing costs to net revenue stream was just below 7% which would likely change in future given the Council’s future borrowing commitments and the expected low level of settlements going forward.

Cabinet noted that Governance and Audit Committee monitored the treasury management function and had scrutinised the report.  The Head of Finance provided a summary of the matters raised during that debate.  He also reported on a training session in the autumn aimed specifically for Governance and Audit Committee on treasury management, but all members were encouraged to attend.

RESOLVED that Cabinet –

(a)      note the performance of the Council’s Treasury Management function during 2022/23 and its compliance with the required Prudential Indicators as reported in the Annual Treasury Management Report 2022/23 (Appendix 1 to the report), and

(b)      confirms it has read, understood and taken account of the Wellbeing Impact Assessment (Appendix 2 to the report) as part of its consideration.