The Director of Finance presented the report, which stated that the Council’s treasury management activity was underpinned by CIPFA’s Code of Practice on Treasury Management (“the Code”). This required the production of an annual Treasury Management Strategy Statement on likely financing and investment activity. The Code also recommended that Members were informed of treasury management activities at least twice a year.

This report fulfilled the Council’s legal obligation under the Local Government Act 2003 to have regard to both the CIPFA Code and the Department for Levelling Up, Housing and Communities (DLUHC) Investment Guidance.

At the Mid-Year point the Treasury Management budget forecast for this year is for a net balanced position. It is anticipated that the use of a one-off Treasury reserve would compensate for an otherwise overspend position which was due to borrowing costs of temporary borrowing. Some of this cost would be offset by interest generated on Treasury Management investments.

This position was incorporated into the Quarter 2 Revenue Monitoring report. The Council had complied with the Treasury Management Indicators, as set out in the agreed Treasury Management Strategy for 2024/25, for the first half of the year.

Resolved – That the Treasury Management Mid-Year Report for 2024/25 be noted.