Issue - meetings
Treasury Management Report - Quarter one 2024/25
Meeting: 16/09/2024 - Cabinet (Item 29)
29 Treasury Management Report - Quarter 1 2024/25 PDF 278 KB
Report of Executive Director (Finance and Resources)
Additional documents:
- Appendix 1 - Treasury Management 2024-25, item 29
PDF 125 KB
- Appendix 2 - Treasury Management 2024-25, item 29
PDF 176 KB
- Webcast for Treasury Management Report - Quarter 1 2024/25
Minutes:
The Cabinet considered a report of the Executive Director (Finance and Resources) presenting the Treasury Management report for quarter one covering the period from April to June 2024 and compliance with the treasury management strategy for that period.
Resolved:
1. That the Treasury Management Report for Quarter One 2024/25, 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 2024.
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 £1.578m of interest and income distributions for all investments were earned during this three-month period at an average rate of 4.92%. Also, the value of the externally managed funds decreased by a net of £0.183m due to changes in the unit price, giving a combined overall return of 4.35%.
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 1st April 1998) remained at £347.3m (HRA: £74.2m, GF: £273.1m) during the period from April to June 2024.
6. That it be noted that during the quarter the level of financing for ‘invest to save’ schemes remained the same at £8.03m.
Reason for Decision:
The CIPFA Code of Practice on Treasury Management recommends that Local Authorities should submit reports regularly. The Treasury Management Policy Statement for 2024/25 set out that reports would be submitted to Cabinet quarterly on the activities of the treasury management operation.
Other Options:
There are many options available for the operation of the Treasury Management function, with varying degrees of risk associated with them. The Treasury Management Policy aims to effectively control risk to within a prudent level, whilst providing optimum performance consistent with that level of risk.
Note: This is an Executive Function
Not eligible for call-in
Cabinet Member: Cllr Collins
Meeting: 29/08/2024 - Policy and Resources Scrutiny Committee (Item 21)
21 Treasury Management Report - Quarter 1 2024/25 PDF 249 KB
Additional documents:
- Treasury Management 2024-25 Appendix 1, item 21
PDF 57 KB
- Treasury Management 2024-25 Appendix 2, item 21
PDF 161 KB
- Webcast for Treasury Management Report - Quarter 1 2024/25
Minutes:
The Committee received a report by the Executive Director (Finance & Resources), by way of pre-cabinet scrutiny, that presented the treasury management activity for the period from April to June 2024.
The Committee discussed the importance of ethical investments and making investments that align with the Council’s Corporate Plan and the organisations vision, as a result some Members felt that it was inappropriate to invest with banks in countries that have poor human rights records.
The Cabinet Member recognised the Committees concerns and felt that the matter of ethical investments should also be raised at the Assets and Treasury Management working party.
Officers provided an update on the liquidation of the Lothbury Property Trust.
Resolved:
That the report to Cabinet be noted.
Note: This is an Executive function
Cabinet Member: Councillor P Collins (Cabinet Member for Finance, Assets and Investments).