Issue - meetings
Quarter 3 Treasury Management Performance
Meeting: 27/03/2025 - Audit and Governance Committee (Item 50)
50 Quarter 3 Treasury Management Performance 
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Purpose:
To report to the Audit and Governance Committee the Quarter Three Treasury Management Indicators as required by the CIPFA Treasury Management Code.
Recommendation:
That the Audit and Governance Committee resolves to:
1. Note the contents of the report.
Additional documents:
Minutes:
The purpose of the item was to report to the Audit and Governance Committee the Quarter Three Treasury Management Indicators as was required by the CIPFA Treasury Management Code.
The Director of Finance introduced the report, highlighting that:
- The overall performance of investments in the nine months to 31 December 2024 had been positive, returning interest of 4.7% against the profiled revenue budget.
- The UBS pooled fund closure had seen a capital loss of £497,443. This loss had been funded through the earmarked reserve set up in 2023/24.
- The statutory override had been extended by Government to 31 March 2029. The remaining balance in the earmarked reserve would be moved to the budget deficit reserve.
- Prudential Indicators had been applied for 2024/25, with the exception of interest rates.
In response to questions from the Committee the Chief Accountant clarified the position with statutory override. If the extension had not been given, unrealised gains would have to have been taken into the accounts and would have impacted the bottom line. This would have impacted money available to the Council and would have made budgeting difficult. The statutory override had been introduced by Government to help with financial pressures faced by Local Government and the extension was welcome.
The Chair proposed noting the report. This proposal was seconded by Councillor Smith, was put to the vote and agreed by the Committee.
Resolved: The Audit and Governance Committee resolved to:
1. Note the contents of the report.