Issue - meetings

Finance and Resources

To review the performance of the Treasury Management function in 2022/23.

Resolved

That the Annual Treasury Management Report for 2022/23 and the Prudential Indicators for the year, as shown in the Annex to the report, be noted.

Consideration was given to a report of the Finance and Resources Portfolio Holder which reviewed the performance of the Treasury Management function in 2022/23 compared with the forecasts and policies set out for last year. Investment income for the year was £114,100 higher than included in the forecast.

The Council managed all investments in-house during 2022/23. Most investments during the year were placed in call-accounts or fixed-term deposits for durations of up to one year. At year-end, the Council also held investments with five Local Authorities, totalling £25M, for periods of up to five years.

The Council achieved an average investment income rate of 1.86% in the year compared with an average benchmark figure of 3.13%, largely due to fixed-rate investments placed before interest rates started to rise.

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

Resolved:

That the Annual Treasury Management Report for 2022/23 and the Prudential Indicators for the year, as shown in the Annex to the report, be noted.