Purpose

The Executive Member for
Finance and Governance submitted a report for Executive consideration.

 

The report provided
important information regarding the regulation and management of the Council’s
borrowing, investments, and cash-flow for the 2023/24 financial year.

 

It was a requirement of the
Council’s reporting procedures under the CIPFA Treasury Management Code of
Practice, and by regulations issued under the Local Government Act 2003, to
produce an annual review that covered the treasury activity and compared the
performance against the original strategy set by the Council. The report should
be read in conjunction with the Council’s revenue and capital outturn report
for 2023/24, both of which had a significant impact on treasury arrangements.

 

The report also provides
the Prudential Indicators results for 2023/24 in accordance with the Chartered
Institute of Public Finance and Accountancy (CIPFA) Code of Capital Finance,
which is best practice in terms of governance in this area.

 

The Executive Member
commented that Middlesbrough was not an outlier in terms of borrowing, but
increased levels of borrowing increased affordability.

 

Decision

AGREED that Executive:

 

1.   
Note the Prudential Indicators for
2023/24 as the Council’s year-end position in relation to capital finance
activities and overall indebtedness as detailed in Tables 1- 5 of the report).

2.   
Note the performance of the treasury
management function against the Council’s approved strategy for the last
financial year as detailed in Paragraphs 4.32 – 4.37 of the report.