Issue - meetings

Report of the Deputy Chief Executive (S151).

A report was presented to inform the Cabinet of the treasury performance during the first six months of 2022/23, to agree the ongoing deposit strategy for the remainder of 2022/23 and a review of compliance with Treasury and Prudential Limits for 2022/23.

The following was highlighted:

• The forecasted treasury outturn had shown a better return compared to what had been budgeted, due to a higher return from temporary investments and a reduction in forecasted borrowing costs. 
• The position had evolved over the course of the year as interest rates increased.
• Returns on investments had exceeded expectations.

The following was discussed:

• In regards to the schedule of short term investment deposits, more information would be provided to Cabinet.

RESOLVED to RECOMMEND:

1.    That Cabinet recommends to Council that a continuation of the current policy outlined at paragraphs 7.0 – 7.5 be agreed.

2.    That Cabinet recommends that Council approves the changes to the Capital Financing Requirement, Operational Boundaries and Authorised Limits for the current year at paragraphs 5.4 – 5.6.

(Proposed by Cllr R M Deed, seconded by Cllr D J Knowles)

Reason for decision – as set out in the report.