Decision details

Mike Jensen, Director of Investment presented a report which provided a review of the council's treasury management activities during 2023/24 and the position at 31 March 2024.

In response to questions, members were informed that:

·  The level of short-term borrowing had increased compared with the previous year partly due to a £350m Floating-Rate Note which was due to mature in March 2025. Options to reinvest were currently being considered, including a sustainability bond.

·  Benchmarking information was available through the Chartered Institute of Public Finance and Accountancy (CIPFA), although Lancashire was generally an outlier compared to other local authorities due to its different approach. Previously, taking a different approach had produced positive results. Although there had been an overspend in the last financial year, it was not currently recommended to change the council's policy.

It was noted that reinvesting in sustainability bonds would align the council's treasury management activity with the council's corporate priorities and objectives.

Resolved: That the review of Treasury Management Activity 2023/24 be noted.