Lead Member – Councillor Gwilym Butler, Portfolio Holder for Finance, Corporate Resources and Communities

Lead Officer – Ben Jay

RESOLVED:

That Cabinet reviewed the position as set out in the report:

a)    Noted that new borrowing of £25m has been taken out during quarter 3, in line with the Treasury Management Strategy 2024/25. This is part of the replacement of internal borrowing (using internal balances) with external borrowing (as internal balances have been reduced).

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, 2024/25 (Appendix B)

The Portfolio Holder for Finance, Corporate Resources and Communities presented the quarterly update. He explained the prudent financial management approach, including the use of internal borrowing and the timing of borrowing to manage interest costs effectively.

RESOLVED:

That Cabinet reviewed the position as set out in the report:

a)    Noted that new borrowing of £25m has been taken out during quarter 3, in line with the Treasury Management Strategy 2024/25. This is part of the replacement of internal borrowing (using internal balances) with external borrowing (as internal balances have been reduced).

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, 2024/25 (Appendix B)