Decision details

Treasury Management and Prudential Code Update Mid-Year Report - 30th September 2022

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decisions:

Purpose of Report

 

To report the Council’s treasury management activity and the actual prudential indicators for the period 1 April 2022 to 30 September 2022, in accordance with the requirements of the Prudential Code.

 

Decision

 

That the Prudential and Local Indicators and the actual performance against the Treasury Management Strategy 2022/23 for the half-year ended 30 September 2022 be noted.

 

Alternative Options Considered and Rejected

 

None.

 

Reason for Decision

 

The prudential system for capital expenditure was well established.  One of the requirements of the Prudential Code was to ensure adequate monitoring of the capital expenditure plans, prudential indicators (PIs) and treasury management response to these plans.  The report fulfilled that requirement and included a review of compliance with Treasury and Prudential Limits and the Prudential Indicators at 30th September 2022.

 

It was noted that the Council held £64 million of investments at 30 September 2022, with the full investment profile set out at Appendix A of the report.  Of this investment portfolio, 100% was held in low risk specified investments, the requirement for the year being a minimum of 25% of the portfolio to be specified investments. During the six months to 30 September on average 100% of the portfolio was held in low risk specified investments and an average of 0% of the portfolio was held in non-specified investments with other local authorities.  It was anticipated that interest rates would reduce in the coming years.

 

This report highlighted the changes to the key prudential indicators, to enable an overview of the current status of the capital expenditure plans. It incorporated any new or revised schemes previously reported to members. Changes required to the residual prudential indicators and other related treasury management issues were also included.

Report author: Colleen Warren

Publication date: 22/11/2022

Date of decision: 21/11/2022

Decided at meeting: 21/11/2022 - Executive

Effective from: 30/11/2022

Accompanying Documents: