Issue - meetings

Background:

This report provided an overview of treasury management activity for 2026/27 quarter 1.

In April 2002, Medway Council had adopted the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice (the CIPFA Code) which required the Council to approve, as a minimum, treasury management semi-annual and annual outturn reports.

This quarterly report provided an additional update and included the requirement in the 2021 Code of quarterly reporting of the treasury management prudential indicators. The non-treasury prudential indicators were incorporated in the Council’s normal quarterly [revenue and capital monitoring] report.

The report had previously been considered by the Audit Committee on 30 July 2026, and the Cabinet thanked the Committee for its comments which were set out at section 7 of the report. Referencing the minutes of this discussion, it was noted that Lender Option, Borrower Option (LOBO) was not a financial product that had been taken out by the Council’s current administration but that it was dealing with the issue.

Reasons:

In accordance with the Chartered Institute of Public Finance Accountancy’s (CIPFA) Code of Practice for Treasury Management, there should be a report on treasury every quarter.