Treasury Management Update Quarter 3 2023/24
February 21, 2024 Cabinet (Cabinet collective) Key decision Approved View on council websiteThis summary is generated by AI from the council’s published record and supporting documents. Check the full council record and source link before relying on it.
Summary
Shropshire Council's Cabinet reviewed the treasury management activities for the third quarter of 2023/24 on 21/02/2024. The Cabinet approved recommendations noting the economic environment, the council's borrowings and investments, and performance within prudential indicators. The decision also noted that reducing cash balances indicates a need for external borrowing in 2024/25.
Full council record
Purpose
The report outlines the treasury management activities of the Council in the third quarter of 2023/24.
Decision
RESOLVED:
That Cabinet reviewed the position as set out in the report:
a) Reducing cash balances, the result of the Council’s long term financial management approach, indicates a need to take out external borrowing during 2024/25, as reflected in the Treasury Management Strategy 2024/25. This brings to an end a period of strong cash balances which have enabled reduced capital finance costs over the last 10 years.
b) Noting the summary of the wider economic environment and the Council’s borrowings and investments set out in Appendix A
c) Noting the performance within prudential indicators for quarter 3, 2023/24 (Appendix B)
Supporting Documents
Details
| Outcome | Recommendations Approved |
| Decision date | 21 Feb 2024 |
| Effective from | 29 Feb 2024 |
| Subject to call-in | Yes |