Issue - meetings

To receive a report from the Chief Executive, Deputy Chief Executive, and S.151 Officer.

The Chairman invited Cllr Nick Botterill, Cabinet Member for Finance, Development Management, and Strategic Planning, to introduce the report and recommendation.

Cllr Botterill noted the projected underspend set out in the report, and that the high needs reserve would be increased due to the pressures on SEND being one of the major financial risks for the council. It was emphasised that the remaining projected underspend would be directed to other priorities, with a further £5m allocated for Highways, bringing the additional highways funding to over £20m.

It was also stated that the council was in control of its finances due to clarity of purpose from the administration, a clear business plan to deliver on priorities including investment in transformative and preventative actions. Attention was also drawn to improvements in capital budget forecasting and prudent financial management to reduce the cost of borrowing.

Cllr Botterill moved that the report be noted, which was seconded by Cllr Richard Clewer.

Group Leaders were then given the opportunity to comment.

Cllr Richard Clewer, Leader of the Council, highlighted the importance of prudent financial management to enable long term financial health, lower borrowing costs, and permit additional needed investments. He noted many councils were experiencing budgetary difficulties, in part due to poor treasury management.

Cllr Ian Thorn, Leader of the Liberal Democrat Group, welcomed the report, though also suggested revenue and capital outturns could also be received at Council as well as Cabinet. He supported praise for the council’s officers and the positive treasury management which had taken place, and welcomed increased investment in highways, noting the group had raised the problem particularly with potholes previously.

Cllr Ernie Clark, Leader of the Independent Group, added his thanks to officers for their treasury management work.

Cllr Ricky Rogers, Leader of the Labour Group, welcomed the report particularly in the economic climate many councils were facing. He hoped that there was capacity to take on the additional highways works funding would permit.

The item was then opened to wider debate. In addition to the recommendation Members raised points relating to general financial management, revenue, and capital outturns.

Comments were made praising the budgetary underspend and associated increased investment in highways, with details provided of the number of projects which could be advanced and the work which would be undertaken on C and unclassified roads. However, there were also comments on the current state of the roads and how it had developed to that point, whether funding could also go towards reducing backlogs with local highways projects, the need for additional investment in youth services, and other priorities for the council such as cultural support.

There were also comments on loans from the Public Works Loan Board, the opportunities taken to borrow at low interest rates, the council’s stable financial position, and high engagement with scrutiny and clear reporting.

At the conclusion of debate Cllr Botterill responded to comments made, including that some of the underspend was due to one off factors, that the council was spending additional  ...  view the full minutes text for item 48

To receive a report from the Chief Executive, Deputy Chief Executive and Corporate Director of Resources and Director of Finance and Procurement (S.151 Officer).

That Cabinet:

a)    Note that the contents of this report are in line with the Treasury Management Strategy 2023/24; and to

b)   Recommend to Full Council consideration of this report

Reasons for Proposals

To give members an opportunity to consider the performance of the Council against the parameters set out in the approved Treasury Management Strategy for 2023/24.

Cllr Nick Botterill, Cabinet Member for Finance, Development Management, and Strategic Planning, introduced the report providing details of the council’s treasury management outturn position for the financial year 2023/24.

It was stated the council was in a good position compared to any authorities, and details were provided of the under borrowing position and the net benefits this had accrued. The Leader noted the importance of understanding and being on top of what the council was borrowing and why.

Cllr Gordon King, Deputy Leader of the Liberal Democrat Group, agreed the importance of sound treasury management to ensure good capital and revenue returns.

At the conclusion of discussion, and on the motion of Cllr Nick Botterill, seconded by Cllr Richard Clewer, it was then,

Resolved:

That Cabinet:

a)    Note that the contents of this report are in line with the Treasury Management Strategy 2023/24; and to

b)   Recommend to Full Council consideration of this report

Reasons for Proposals

To give members an opportunity to consider the performance of the Council against the parameters set out in the approved Treasury Management Strategy for 2023/24.