Purpose

This report provides Cabinet with a mid-year
review of the Council’s Treasury Management Strategy
Statement and Annual Investment Strategy for 2024/25, approved by
Council on 22 February 2024, and has been prepared in accordance
with the CIPFA Code of Practice for Treasury Management in the
Public Services (revised 2021).

Content

The Cabinet has
considered the Treasury Management Strategy and Annual Investment
Strategy Mid-Year Review Report 2024/25 and has agreed to
recommended that the Council Meeting:-
 
(1) Note the report
and the treasury activity in the first half of the financial
year.
 
(2) Approve and note
the Treasury Management Strategy, Annual Investment Strategy and
Minimum Revenue Provision Policy for 2024/25 approved in February
2024, will continue to be followed considering the forecasts and
conclusions set out in the report.
 
(3) Note the revised
interest rate forecasts for Bank Rate and PWLB rates over the short
and medium-term, which will drive the council’s long-term
borrowing strategies going forward.