Find out more about the Treasury Management and Investment Strategy for the financial year 2023-24.
Up to £20m earmarked towards the Council’s net revenue budget, along with the launch of a £40m Property Investment Fund, were among the highlights reported to Cabinet for its Treasury Management and Investment Service’s financial year (2023-24).
This strong performance, which was reported at Cabinet’s meeting on Thursday 13 June, has allowed the Council to continue to invest in the county's future while achieving significant financial benefits.
Cllr Peter Butlin, Deputy Leader of Warwickshire County Council and Portfolio Holder for Property and Finance, said: "We're rightly proud of our Treasury Management team's work this year. It is through their careful management of our investments that we can safeguard our financial position, while also generating a substantial surplus that can be reinvested in vital services for our residents.
“We know that the financial landscape is not an easy one for local authorities, but it is a shining testament to Warwickshire’s prudent financial management that our position is relatively strong.”
The key highlights of this report were:
The Council maintained a net investment position, exceeding total borrowings by £73.3 million as of March 31, 2024.
Treasury investments generated a total return of £17.99 million, significantly exceeding the budgeted amount.
Early repayment of a Public Works Loan Board loan resulted in a £1.9 million discount, providing a further financial boost.
The overall positive performance translates to a net revenue underspend of £19.5 million against budget.
Also among the highlights was the introduction of the Property and Infrastructure Fund (PIF) latest strand of the Warwickshire Investment Fund (WIF) which plays a key role in supporting local businesses and infrastructure projects.
The PIF, which will help businesses access finance to move to or develop within Warwickshire, made its first investment of £9.1 million.
In the same period, the Local Communities and Enterprise fund, the £10m branch of the WIF, made loans totalling £1.9 million, creating or safeguarding over 500 jobs.
The full Cabinet report can be found here: https://democracy.warwickshire.gov.uk/documents/s37255/Treasury%20Management%20and%20Investment%20Outturn%20Report%20202324.pdf