To note a report that sets out a review of Treasury Management activities during the first part of 2024/25.

The Council noted the review of Treasury Management activities during the first part of 2024/2025, as set out in the submitted report.

To consider a report that sets out a review of Treasury Management activities during the first part of 2024/25.

Members noted a report that reviewed Treasury Management activities during the first part of 2024/25.  Members were informed that the treasury function aims to support the provision of all Council services through management of the Council’s cash flow and debt and investment operations. 

The key points in the Treasury Management review were as follows: 

• Bank rate was cut from 5.00% to 4.75% in November with further cuts forecast. 

• Gilt yields and therefore Public Works Loan Board rates were over 1% higher than those at the start of the year. 

• No new borrowing had been undertaken and internal resources had been used to fund capital expenditure. 

• Further strategic investments in long term bonds to provide budgetary surety over the medium term 

• All decisions had complied fully with adopted principles and the Council’s approved Treasury Management Strategy.

Members noted the investments and whether ‘ethical’ products e.g. approach to climate change were available.  The Director of Finance informed Members that the Council worked with Arlingclose to source the investments, however, the Treasury Management Strategy set out very strict criteria for those the Council invests with in order to mitigate risk.  Therefore the number of products were limited whilst the criteria could be opened it would be with heighten exposure to risk.