This report updates Members on the activity of the Treasury Management function.

The Committee considered a report on the activity of the Treasury Management function during the first quarter of the year for the period 1^st April 2024 to 30^th June 2024.  The report stated that the CIPFA Code of Practice for Treasury Management 2021 recommended that the Committee should be updated on treasury management activities at least quarterly.  The Committee was advised that there had been full compliance during this period with the Treasury Management Strategy Statement (TMSS), as agreed by Council on 27February 2024.  The report stated that the approved Treasury Management Strategy Statement 2024/25 included an upper limit of 20% on the maturity structure of fixed rate borrowing for 2024/25. In order to give a greater degree of flexibility and to align with the approved Borrowing Strategy of currently utilising temporary and short-term borrowing in lieu of taking out longer term fixed borrowing whilst interest rates remained high, it was intended to seek Council approval to raise this upper limit to 100% at its meeting on 15 October 2024.

The report had attached the Link Group Economics Update; Debt and Investment Portfolios; and the list of approved countries for investments.

Resolved:      

(1)        That the Treasury Management Review Quarter 1 report for 2024/25 be noted;

(2)        That, in order to give a greater degree of flexibility and to align with the approved Borrowing Strategy of currently using temporary and short-term borrowing instead of taking out longer term fixed borrowing whilst interest rates remained high, Council be recommended that the upper be amended to 100%.