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Appendix 2, Cabinet

Committee report · Cabinet · Tue 16 Dec 2025 · East Sussex County Council · agenda item 45

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This report sets out the Council's treasury management activity during 2024/25. p1

The Council received £9.8m in short term interest during 2024/25, at an average rate of 5.26%, above its benchmark rate of 4.94%. p7

At 31 March 2025 the Council's total debt was £211.6m, at an average interest rate of 4.44%, after £5.0m of Public Works Loan Board debt matured during the year and was not replaced with new borrowing. p10

The Council uses MUFG as its treasury management adviser, but the final decision on treasury matters remains with the Council. p13p19

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  • p1The Treasury Management activity during the year 2024/25
  • p74.50% -0.25% 1.3 The total amount received in short term interest for 2024/25 was £9.8m at an average rate of 5.26%. The Councils benchmark rate for the same period was 4.94%. The Standard Overnight Index Average (SONIA). Performance was above the benchmark as a result of the investment portfolio being locked into higher rate investments during a falling base rate environment. 1.4 Throughout the year bank notice accounts, fixed term deposits with banks and Local Authorities were used to invest core balances up to duration of 12 months. Instant access cash money market funds were used to hold liquidity balances to meet day to day creditor requirements.
  • p102.2 During 2024/25 £5.0m of Public Works Loan Board (PWLB) debt matured at an average rate of 7.67%. This historic maturing debt was not replaced with additional in year new borrowing to maintain the strategy to maximise use of reserves to initially fund borrowing. The average interest rate of all debt at 31 March 2025 of £211.6m was 4.44%. The average interest rate of debt will reduce marginally year on year as historic debt falls out of the debt portfolio.
  • p134. Treasury Management Advisers 4.1 The Strategy for 2024/25 explained that the Council uses MUFG as its treasury management consultant on a range of services which include:
  • p191. 2. 3. 4. 4.1 4.2 Whilst the advisers provide support to the internal treasury function, under current market rules and the Code of Practice the final decision on treasury matters remained with the Council. This service remains subject to regular review.

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