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“We are a well-run council and we continue to manage our finances prudently while doing and spending what is required. By using cash reserves rather than borrowing more, we have been able to achieve substantial savings in what remain challenging times.
In addition to being prudent, our low-risk investment approach, which focuses on lending to low-risk institutions, means we have been well placed to deal with challenges arising from difficulties the current global economy presents.
We remain committed to supporting local businesses along with providing access to funding, as we work to grow our economy. Like most Councils we face financial pressures, rising costs and uncertainty over the long-term funding of some services but we will continue to spend and invest where necessary, focusing our efforts and resources on where they are most needed.”
Ian Parry, Cabinet Member for Finance and Resources |
Reasons for the Decision – To consider a summary of the County Council’s treasury management activities for 2022/23, including the borrowing and investment decisions taken throughout the year in the light of the interest rates and economic conditions prevailing at the time.
Decision – (a) That the treasury management activities for the year ended 31 March 2023, including the Prudential Indicators outturn detailed in Appendix 4 to the report, be noted.
(b) That the use of the Minimum Revenue Provision at 31 March 2023 for £20.441m as set out in paragraphs 31 and 32 of the report be noted and approved.