Report by Director of Finance.

Further to Minute 17 of the Audit & Governance Committee held on 25 September 2024, the Director of Finance submitted a report on the activity of the Treasury Management function during the first quarter of the year for the period 1st April 2024 to 30th 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 27 February 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 recommended to raise this upper limit to 100%.

The following motion was moved by Councillor Terry and seconded by Councillor Leng and CARRIED:

Resolved –

That the Treasury Management Strategy Statement 2024/25 (Amended) be approved as set out in Appendix 1 to the report.