This meeting of the full council will receive a report on the final accounts for the 2023/24 financial year. It will also receive an update on the council's treasury management strategy for 2024/25. The meeting will begin with the announcement of several new appointments by the Mayor.

Mayoral Announcements

The Speaker of Lewisham Council will acknowledge the retirement of Father Steve, whose last name and role at the council were not mentioned in the documents. Mayor Dacres will announce the appointment of two new Mayoral Advisors. These are unpaid roles that provide advice to the Mayor. The Mayor will also use this opportunity to highlight the Mayor's Community Award and the Mayor's Business Awards. These awards recognise the work done by individuals, groups and businesses to improve the lives of people in Lewisham. Finally, Mayor Dacres will offer her congratulations to athletes from Lewisham who competed in the 2024 Summer Olympics.

Treasury Management

The meeting will receive a report from Katharine Nidd, the Interim Director of Finance, on the final outturn position for treasury management in the 2023/24 financial year. The report will also provide an update on the council’s treasury management activities for the first part of the 2024/25 financial year. The report explains that:

The Council is required by regulations issued under the Local Government Act 2003 to produce an annual treasury management review with the actual prudential and treasury indicators for 2023/24. It also required to have a mid-term review of treasury management activities. This report meets the requirements of both the CIPFA Code of Practice on Treasury Management, (the Code), and the CIPFA Prudential Code for Capital Finance in Local Authorities, (the Prudential Code).

The report will set out the council’s capital spending plans for 2024/25, and will explain how these plans will be funded. It will also review the council’s investment portfolio and borrowing strategy. The report explains that the council’s capital programme for 2024-28 was originally budgeted at £558m. It is now forecast to be £562.4m, an increase of £4.4m. This is because the council will be adding new schemes to the programme throughout the year. The main areas of planned spending will be on building new homes and improving existing council homes. To fund these works, the council will need to borrow £96.9m. The report also notes that the council’s investment income is likely to fall in 2024/25. This is because the Bank of England is expected to reduce interest rates. As a result, the council’s investments will generate a lower return. Despite the challenging economic conditions, the report concludes that the council’s treasury management is in a sound position. The council has a strong track record of managing its finances prudently and has a clear strategy in place for the future.