RESOLVED:

A. That Cabinet noted the update on Treasury Management performance for the half year to 30 September 2022 and agreed to submit this update to Full Council

B. That Cabinet agreed to recommend to Council that it delegates authority to the Executive Director of Finance and Digital (S151 officer) to make short term treasury investment decisions, even if those investments would not currently be in accordance with the Council’s Treasury Management Strategy, based on current market conditions/interest rates movements and funds availability to maximise investment returns. The Annual Treasury Management Strategy for FY2023/24 will be presented to the Council in March 2023.

The Cabinet Member for Finance and Corporate Services presented the report, providing an update on the Treasury Management performance.

The Interim Director Finance and Digital noted that whilst an increase in the interest rates caused pressures to the Council’s budget in some ways, it had led to an increase in returns on the Council’s investments.

RESOLVED:

A. That Cabinet noted the update on Treasury Management performance for the half year to 30 September 2022 and agreed to submit this update to Full Council

B. That Cabinet agreed to recommend to Council that it delegates authority to the Executive Director of Finance and Digital (S151 officer) to make short term treasury investment decisions, even if those investments would not currently be in accordance with the Council’s Treasury Management Strategy, based on current market conditions/interest rates movements and funds availability to maximise investment returns. The Annual Treasury Management Strategy for FY2023/24 will be presented to the Council in March 2023.