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)