The Chief Officer Finance Performance and Change presented a report which sought to:

• Comply with the requirement of the Chartered Institute of Public Finance and Accountancy’s (CIPFA’s) ‘Treasury Management in the Public Services: Code of Practice’ (the TM Code) to report an overview of treasury activities for the preceding financial year.

• Report on the actual Treasury Management Indicators for 2022-23.

The Chief Officer Finance Performance and Change  stated that during 2022-23 the war in Ukraine continued to keep global inflation above central

bank targets and the UK economic outlook remained relatively weak with the chance of a mild recession. The economic backdrop during January to March 2023 continued to be characterised by high energy and commodity prices, high inflation, and the associated impact on household budgets and spending.

She added that The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to March 2023. This was an increase from 5.5% at the start of the financial year, but slightly down from February 2023 which was 10.4%, At its highest CPI reached 11.1% in October 2022. Whilst fuel costs have seen some reductions, food, recreation and culture costs have contributed to higher inflation. Further background was at section 3 of the report.

The Chief Officer Finance Performance and Change  stated that the Treasury Management activities for 22-23 were highlighted in Appendix A of the report. Table 1 provided a summary of Councils debt and investment position with further information on this also at appendix A.

The Cabinet Member Finance and Resources welcomed the report and believed that it demonstrated the effective way the Council manages it finance with the balance of risk and responsibility. The Leader added that the report largely reflects the changes in the economy and the increase in rates overall. He also added that the Governance and Audit Committee played an important role in the treasury management monitoring process.

RESOLVED: That Cabinet:

• Noted the annual treasury activities for 2022-23

• Noted the actual Treasury Management Indicators for 2022-23 against those approved in the Treasury Management Strategy 2022-23.