Issue - meetings

Treasury Management Outturn Report 2022/23

Meeting: 12/07/2022 - Cabinet (Item 67)

67 Treasury Management Outturn Report 2022/23

Report of the Chief Executive.


Supporting documents:


Cllr Richard Clewer, Leader of the Council and Cabinet Member for Climate Change, MCI, Economic Development, Heritage, Arts, Tourism and Health & Wellbeing presented a report which provided an annual treasury management review of activities and the actual prudential and treasury indicators for 2021/22.  


The Leader and officers explained the report covered the period from 1 April 2021 to 31 March 2022, and that the Council has continued to finance capital expenditure through maximising the use of capital receipts, capital grants and internal borrowing. The Council had also drawn down £80m of borrowing from the Public Works Loan Board during the financial year to take advantage of lower interest rates, before the forecast bank rate increases.


The report highlighted that the Council is under borrowed by £120.275m, avoiding the payment of external interest costs in the order of £3.235m. It was noted that the Council did not breach any of its performance indicators during 2021/22. However, during the year the Council breached the counterparty limit for an investment with Leeds Building Society. The duration limit is 100 days and the investment was made for 110 days. Details of this breach were detailed in a previous report and again in this report and actions have been taken to mitigate the risk of reoccurrence of any such breach.


Cllr Pip Ridout, Chair of the Financial Planning Task Group, confirmed that the report had been considered by the Task Group at its meeting on 8 July 2022. The Task Group were content with the responses received to questions asked.


Cllr Ian Thorn welcomed the reassurance that details of the breached counterparty limit were included in the report and commented on actual capital expenditure compared to the figure included in the original budget estimate for 2021/22.


Cllr Gavin Grant reflected on a conversation held at the Financial Planning Task Group in relation to the training needs of Councillors to help them understand financial matters more clearly. It was noted that arrangements for a training event had been put in place by officers and Councillors were encouraged to attend.


Cllr Gordon King highlighted the importance of the availability, both in timing and the level of appropriate resources and asked if the Council were on track to deliver services and the aims and priorities detailed in the Business Plan. Officers confirmed this was correct in terms of a cash perspective and that discussions on future financial planning would continue.  




a)    To note that the contents of this report are in line with the Treasury Management Strategy 2021/22; and to


b)    To recommend to Full Council consideration of this report



Reason for Decision:


To give members an opportunity to consider the performance of the Council against the parameters set out in the approved Treasury Management Strategy for 2021/22




(Note – the meeting was adjourned between 11.48am and 11.55am)