Councillor Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director - Resources reporting the activities of the Council’s Treasury Management function during the 2023/24 financial year. The underspend against budget was highlighted. The cost of debt was well within affordability, and the Council was only borrowing against projects that matter to residents, and was showing good financial management.
In response to Members’ queries regarding obtaining low interest rates, it was confirmed that the maturity structure of the Council’s borrowing was set out in Appendix D of the report and showed that more than 50% of borrowing is over 10 years or above.
DECISION: The Cabinet agreed to note the report prior to submission to Council.
The report sets out the options considered, if any, and the reasons for the recommendations and the decision.