Minute No. 324 (Cabinet Book 3, Agenda Item No. 15 refers)

Referred direct by Cabinet

The Committee considered Minute 324 of the meeting of the Cabinet held on 29 September 2022, which had been referred directly to the Committee for scrutiny, together with a report of the Executive Director (Finance and Resources) presenting the Treasury Management Report for covering treasury management activity for the period from April to June 2022 and compliance with the treasury management strategy for the period.

Resolved:

That the following decisions of the Cabinet be noted:

“1. That the Treasury Management Report for Quarter One 2022/23, be approved.

2. That it be noted that the Treasury management activities were carried out in accordance with the CIPFA (The Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management in the Public Sector during the period from April to June 2022.

3. That it be noted that the loan and investment portfolios were actively managed to minimise cost and maximise interest earned, whilst maintaining a low level of risk.

4. That it be noted that £0.592m of interest and income distributions for all investments were earned during this three-month period at an average rate of 1.36%. This is 0.47% over the SONIA rate (Sterling Overnight Index Average) and 0.41% over the average bank rate. Also the value of the externally managed funds increased by a net of £0.916m due to changes in the unit price, giving a combined overall return of 3.46%.

5. That it be noted that the level of borrowing from the Public Works Loan Board (PWLB) (excluding debt relating to services transferred from Essex County Council on 1^st April 1998) remained at £347.3m (HRA: £74.2m, GF: £273.1m) during the period from April to June 2022.

6. That it be noted that during the quarter the level of financing for ‘invest to save’ schemes decreased from £8.39m to £8.38m.”

Note: This is an Executive Function

Cabinet Member: Councillor P Collins

Report of Executive Director (Finance and Resources)