Purpose

This report provides the Executive with details of the capital and treasury management outturn for 2022/23 to comply with the reporting requirements of the Code of Practice for Treasury Management.  The report also seeks approval for the proposed methods of financing the General Fund capital programme.

Actual capital expenditure on General Fund schemes in 2022/23 was £6,202,287 (£12.1 million in 2021/22) compared with the revised capital programme of £9,932,800. The overall variance was £3,730,513. A detailed analysis of the variations is given in Appendix A to the report.

Total savings from individual projects of £44,017 were achieved, additional expenditure of £5,803 on others was incurred and a total of £3,692,299 will be carried forward into 2023/24.  Details of the various methods used to finance this expenditure are set out in the report.

Full details of Treasury Management investment and borrowing activity in 2022/23 are also set out in the report and are summarised below:

31 March 2022

Actual

£’000

2022/23

Movement

£’000

31 March 2023

Actual

£’000s

Total borrowing

53,199

8,137

61,336

Total investments

(22,189)

(2,643)

(24,832)

Net borrowing

31,010

5,494

36,504

Net interest received from investments in 2022/23 was £879,854 (637,078 in 2021/22) and net interest paid on borrowing was £1,876,270 (£1,673,288 in 2021/22)

The overall investment property portfolio increased in value by £1.67 million and contracted income was approximately £4,480,000.

During 2022/23, the Council complied with its legislative and regulatory requirements of the Prudential Code.

Decision

RESOLVED that the Executive:

(a)  approves that the General Fund capital programme for 2022/23 be financed as set out in the report;

(b)  agrees that the additional expenditure incurred, amounting to £5,803 be financed retrospectively from unallocated capital resources; and

(c)  notes the treasury management activity for 2022/23.