The Chief Officer Finance, Performance and Change presented a report, it’s purpose was 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 CIPFA Code). And;

• Report on the Treasury Management Indicators for the half year April to September 2023.

The Chief Officer Finance, Performance and Change provided some economic background that that had been influenced by the changes in inflation and GDP, more detail was set out in section 3 of the report.

She highlighted the Council’s external debt and investment position as of 30 September 2023. There was currently £99 million in long term debt and one long term investment which was still outstanding and this was set out in 3.3.7 of the report.

The Chief Officer Finance, Performance and Change stated that there was no intention for the Council to borrow in the coming financial year, however any chance to reschedule and loans at a preferential rate, the Council will seek to do so.

The Cabinet Member for Finance, Resources & Legal welcomed the final repayment of the loan from Thurrock Council which has earned BCBC over £100,000 in interest.

The Cabinet Member for Climate Change and the Environment in relation to the $5.8million of investments, if more information could be provided on this. The Chief Officer Finance, Performance and Change provided a detailed explanation on this. 

RESOLVED: that Cabinet:

• Noted the treasury management activities for 2023-24 for the half year period 1 April 2023 to 30 September 2023

• Noted the Treasury Management Indicators for the half year ending 30 September 2023 against those approved in the Treasury Management Strategy 2023-24.