Decision Maker: Cabinet

Outcome: Recommendations approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: December 10, 2024

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.