Issue - meetings

Treasury Outturn Report 2023/24

 

 

Meeting: 08/07/2024 - Cabinet (Item 10)

10 Treasury Outturn Report 2023/24 pdf icon PDF 217 KB

Executive Summary

This report sets out the Treasury Management activities undertaken during 2023/24 compared with the Treasury Management Strategy for the year.

 

Options Considered

 

For the Council to comply with the CIPFA Prudential Code for Capital Finance in Local Authorities (Prudential Code) and CIPFA Treasury Management in the Public Services Code of Practice an outturn report must be presented to Members to inform them of the outcome of the Treasury Management activity for the year. Therefore, no other option has been considered.

 

Consultation(s)

Link Treasury Services have provided the economic information in Appendix A of this report.

 

Recommendations

 

That Cabinet reviews and recommends the outturn position to full Council for approval.

 

Reasons for recommendations

 

The Treasury Management activity for the year requires approval by full Council for the Council to comply with the CIPFA Treasury Management and Prudential Codes.

 

Background papers

 

This report refers to the Council’s Treasury Management Strategy 2023/24 which was approved by Members on 22 February 2023.

 

 

 

Wards affected

All

 

Cabinet member(s)

Cllr Lucy Shires

 

Contact Officer

James Moore – Technical Accountant - James.Moore@north-norfolk.gov.uk

 

 

 

Links to key documents:

Corporate Plan:         

This report shows the Council’s current Treasury position and compares it with the cost of delivering its Capital Programme (CFR – Capital Financing Requirement). This shows the Council’s current ability to finance its current Capital Programme.

Medium Term Financial Strategy (MTFS)

The treasury management activity during the year has been undertaken to ensure that the Council sufficient access to liquid funds that it is requires to maintain its cashflow. Management of the Council’s cash, investments and borrowing underpins the delivery of the Medium-Term Financial Strategy.

This report provides details of the Council’s Investment and Borrowing position and Capital Financing Requirement position, which together show the net debt position of the Council as at the end of the 2023/24 financial year.

Council Policies & Strategies

This report refers to the Council’s Treasury Management Strategy 2023/24 which was approved by Members on 22 February 2023.

 

 

Corporate Governance:

 

Is this a key decision 

No

Has the public interest test been applied

This report is available to the public.

Details of any previous decision(s) on this matter

This is an annual report on the Council’s current Treasury position.

 

 

Additional documents:

Decision:

Decision

RESOLVED

 

To recommend the outturn position to Full Council for approval, subject to amendment following clarification of figures in Table 1 and Table 2 (Appendix A).

 

Reason for the recommendation:

The Treasury Management activity for the year requires approval by full Council for the Council to comply with the CIPFA Treasury Management and Prudential Codes.

 

Minutes:

Cllr L Shires, Portfolio Holder for Finance & Assets, introduced this item. She thanked the officers for their work in producing this report. She reminded members that some borrowing had been undertaken but this had been outlined when the Treasury Strategy had been presented to members.

Cllr N Dixon referred to pages 92 and 93 of the agenda and Table 1, ‘Prudential and Treasury Indicators’. He said that the forecast for capital expenditure in 2023/24 was £40,830m but in Table 2 (page 93) ‘Capital Expenditure and Financing’ the figure for 2023/24 was £40,840m. He asked which figure was correct. The Director for Finance replied that she would check the Budget report for the correct figure and report back to members.

 

RESOLVED

 

To recommend the outturn position to Full Council for approval, subject to amendment following clarification of figures in Table 1 and Table 2 (Appendix A).

 

Reason for the recommendation:

The Treasury Management activity for the year requires approval by full Council for the Council to comply with the CIPFA Treasury Management and Prudential Codes.