Issue - meetings

To consider this report.

NON-KEY DECISION

Following consideration of the officer report, appendices and discussion, the Executive approved the report as being in compliance with the CIPFA Code of Practice for Treasury Management and recommended it to Full Council on 20 December 2023.

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report

REASON FOR DECISION: As set out in the officer report

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, invited the Deputy Leader and Lead Member for Resources and Performance, Cllr Liz Leyshon, to introduce the report. 

The Deputy Leader and Lead Member for Resources and Performance, Cllr Liz Leyshon, introduced the report, highlighting: compliance of the report with the CIPFA Code of Practice for Treasury Management; and the importance of Treasury Management to the Council as borrowing and investments will be critical to the vision for a sustainable Somerset Council.

The Principal Investment Officer, Alan Sanford, further added to the above points, highlighting; the economic background, including, that UK inflation remained high, UK bank rates rose three times during the period, that investment and borrowing rates had continued to rise, the 10 year borrowing cost from the PWLB rose from 4.53% to 5.46%; summarised the investment balances, short term debt payment following the merger of the five Councils; and the repayment of monies held on behalf of external bodies.

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, invited comments from other Members present, questions and points raised included: short term debt payment and the hold off in borrowing.

The Executive proceeded to vote on the recommendations, which were agreed unanimously.?? 

Following consideration of the officer report, appendices and discussion, the Executive approved the report as being in compliance with the CIPFA Code of Practice for Treasury Management and recommended it to Full Council on 20 December 2023.

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report.  

REASON FOR DECISION: As set out in the officer report.