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Treasury Management Monitoring Report for Quarter Ended 31 March 2023

North Lanarkshire Council · 24 May 2023
Back to Finance and Resources Committee — 24 May 2023 and its agenda

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North Lanarkshire Council
Report
Finance and Resources Committee 
Does this report require to be approved? ☐ Yes   ☒ No
Ref EK/KS/RM/GM Date 24/05/23 
Treasury Management Monitoring Report for quarter ended 31
March 2023 
From  Elaine Kemp, Chief Officer (Finance) 
E-mail mcnameer@northlan.gov.uk Telephone Ryan McNamee, Finance
Manager 
1. Background
1.1 The Council manages its treasury activities in line with the CIPFA Code ‘‘Treasury
Management in the Public Services’. The Code requires the Council to produce reports
on its Treasury Management policies, practices and activities on a regular and ongoing
basis. The Council fulfils these obligations, in part, by the preparation of this Treasury
Management Monitoring report produced on a quarterly basis, encompassing a review
of performance. 
1.2 The Treasury activity undertaken in the final quarter of 2022/23 reflects the key
requirements of the Council’s 2022/23 Treasury Management Strategy, with the Public
Works Loan Board (PWLB) and Long-term Money Market being the prime source of long-
term funds. In terms of investment activity, this is conducted in accordance with the
approved 2022/23 investment strategy. 
Executive Summary
This report fulfils the key requirements of the Council’s reporting procedures for Treasury
Management in accordance with the CIPFA Code of Practice on Treasury Management
and the CIPFA Prudential Code for Capital Finance in Local Authorities. It informs on the
quarterly Treasury Management activity for the period 1 January 2023 to 31 March 2023
and compliance with the mandatory treasury and prudential indicators. 
Recommendations
It is recommended that Committee note the Treasury Management Activity for the quarter
ended 31 March 2023 including the positive performance against the key treasury and
prudential indicators.  
The Plan for North Lanarkshire
Priority  Improve North Lanarkshire's resource base
Ambition statement (25) Ensure intelligent use of data and information to support fully
evidence based decision making and future planning

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2. Report 
2.1  Summary Position
2.1.1 The net overall borrowing position to 31 March 2023 is £838.2m, which is an
increase of £40.6m from the position at the 31 December 2022.  A detailed
breakdown of the net cash movement is shown in column (6) within Appendix 1.  
2.2  Borrowing 
2.2.1 At the end of the quarter, total external debt amounted to £915.9m which
represented an increase of £63.5m. This was primarily due to additional net longer
term borrowing of £37.1m being undertaken, comprising new PWLB borrowing of
£60.0m partially offset by £12.9m of PWLB debt and £10.0m of market loans falling
due for repayment. 
2.2.2 The Council sourced £20.0m of PWLB loans on 21st February 2023 at 4.25% over
15 years, £20.0m sourced on 17th March 2023 at 4.40% over 14 years and a further
£20.0m sourced on 28th March 2023 at 4.03% over 13 years, all on an equal
instalment payment (EIP) basis.  The EIP terms provide a smoother debt maturity
profile spreading the refinancing risk. The interest rates achieved are within
anticipated budgeted levels. 
2.2.3 In addition, there was a net increase in temporary borrowing activity of £28.0m,
with £78.0m of new borrowing being offset by £50.0m falling due for repayment,
and lease payments under existing finance lease and PPP obligations of £1.6m
falling due for repayment. 
2.2.4 The approach to borrowing is in line with the approved strategy, the Council
sourcing long-term borrowing and whenever possible, taking advantage of
temporary (short-term) borrowing at attractive rates and use of internal cash
balances to meet the principal repayments, daily revenue account requirements
and the capital financing requirement in lieu of future borrowing for capital
purposes. The strategy adopted considers interest rate forecasts, the management
of carrying costs and the retention of cash balances at appropriate levels, whilst
managing the associated investment, interest, and liquidity risk. 
2.2.5  The Council made a successful application to the PWLB to access the certainty
rate which allows a 20-basis point (bps) (0.20%) discount on loans from the PWLB
under the prudential borrowing regime. This will continue to provide the Council
with an opportunity to borrow from the PWLB at more beneficial rates until 30 April
2023 and beyond, subject to a further successful application for 2023/2024 during
April 2023. 
2.3  Debt Restructuring 
2.3.1  During the quarter under review, in conjunction with our Treasury advisors, we
monitored the economic climate in relation to our financial targets and Treasury
Management strategy. The interest rates prevailing throughout the period resulted
in no beneficial opportunities for debt restructuring /rescheduling of the existing
PWLB debt portfolio arising. 
2.3.2 The Council continued to hold £3.0m of LOBO (Lender’s Option Borrower’s Option)
loans where the lender has the option to propose an increase in the interest rate
at set dates, following which the Authority has the option to either accept the new
rate or to repay the loan at no additional cost.  No banks exercised their option
during the quarter.

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2.3.3 Further reports regarding future activity will be presented to Committee as
appropriate. 
2.4  Investments 
2.4.1 At the end of the final quarter of 2022/23, the Council held total investments of
£77.7m, which is a net increase of £22.9m in cash and cash equivalents, mainly
due to a £30.8m increase in short-term investments, partly offset by an increase in
the bank overdraft including cash in transit of £7.9m, as shown within column 6 of
the attached Appendix 1. 
2.4.2 The increase in short term investments reflects repayment of maturing temporary
borrowing of approximately £415.2m and undertaking new short-term investments
of £446.0m.   
2.4.3 At quarter end, the bank overdraft including cash in transit was £7.5m which is a
net overdrawn position compared to the net cash position of £0.5m at the end of
the previous quarter. The negative net cash movement reflects BACS payroll and
creditor payment runs which fell due for clearance at the end of the quarter. The
bank overdraft primarily represents amounts drawn on the account at the 31 March
2023 comprising £7.6m of net BACS payments outstanding due for clearance
within 3 days of the quarter end date, cheques unpresented of £0.2m, partly offset
by a balance of £0.3m of cash in transit. 
2.4.4 In line with the approved strategy to manage liquidity, the Council maintained a
minimum balance of £3.0m available on an overnight basis (instant access),
ensuring a prudent level of funds is maintained to meet all service requirements. 
2.4.5 On 1 February 2023, the Bank of England Base Rate was increased from 3.50%
to 4.00% and then by a further 0.25% to 4.25% on 22 March 2023, to help combat
ongoing high inflation, fuelled by high energy and commodity prices and its impact
on consumers cost of living as well as the low likelihood that the Russia-Ukraine
hostilities will end any time soon with associated impact on supply chains.  The
increases in the Bank of England Base Rate over the period under review, resulted
in short-dated cash rates ranging between 0.7% - 1.5% at the beginning of April,
rising by around 3.5% for overnight/7-day maturities. There is no noticeable
difference between the 7 day and 1-month SONIA bid rates and generally available
investment rates offered by financial institutions and money market funds. Despite
this, the Council will endeavour to achieve good performance levels in investment
activity. 
2.4.6 Overall the Treasury Management team continues to take a prudent approach to
investing surplus funds in line with the approved 2022/23 Investment Strategy.
Security of investment followed by ensuring sufficient liquidity are key investment
criteria governing Council investment decisions. This approach is aligned to the
prudent management of liquidity to meet current commitments and future cash
demands based on the latest cashflow projections. 
Non-Treasury Management Investments  
2.4.7 During the quarter, no repayments were made in respect of third-party advances
in connection with the Cumbernauld Academy DBFM and Greenfaulds DBFM. 
2.5 Interest Rate Movements & Other Economic Updates
2.5.1 Forecasters advise that the ongoing conflict in Ukraine continued to keep global
inflation above central bank targets and the economic outlook for UK remains
relatively weak with the chance of a mild recession. The economic backdrop during

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the January to March period continued to be characterised by high energy and
commodity prices, high inflation, and the associated impact on household budgets
and spending. The Bank of England, Federal Reserve and the European Central
Bank all increased interest rates over the period and committed to combatting
inflation, even in the face of potential recession. 
2.5.2 As outlined above, the Bank of England increased the official Bank Rate to 4.25%
over the period. The Monetary Policy Committee (MPC) has approved rises at
every meeting this year, with most recent rises of 0.50% in February and 0.25% in
March. The MPC in March again noted that domestic inflationary pressures remain
elevated with growth stronger than was originally forecast in February’s MPC
report. 
2.5.3 UK inflation remained extremely high but there are tentative signs it may have
peaked. Annual headline CPI reduced from 10.5% in December to 10.1% in
January, before unexpectedly rising again to 10.4% in February with a further slight
reduction to 10.1% in March.  This was a lower reduction in March than envisaged,
which may push the Bank of England to increase the Base Rate further in May. 
RPI remained steady at 13.4% in January, rising to 13.8% in February and falling
slightly to 13.5% in March. This following the decision by the UK government under
Rishi Sunak and Jeremy Hunt to reverse some of the support to household energy
bills announced under Liz Truss, further support in the form of a cap on what
energy suppliers could charge household was announced in the March Budget to
run from April until the end of June 2023. Before the announcement, typical
household bills had been due to rise to £3,000 a year from April. 
2.5.4 The labour market remained tight through the period but there was some on-going
evidence of potential softening demand for new labour at the end of the period.
The unemployment rate for April 2022 of 3.8%, declined to 3.6% in July and picked
up again to 3.7% in December and increased to 3.8% in March. Pay growth in
March was 5.9% for total pay (including bonuses) and 6.6% for regular pay. 
However, once adjusted for inflation, both measures were negative and have been
so throughout the year. 
2.5.5 Uncertainty continued to be a key driver of financial market sentiment and bond
yields remained relatively volatile due to concerns over elevated inflation and
higher interest rates, as well as the likelihood of the UK entering a recession and
for how long the Bank of England would continue to tighten monetary policy.
Towards the end of the period, fears around the health of the banking system
following the collapse of Silicon Valley Bank in the US and purchase of Credit
Suisse by UBS caused further volatility.  
2.5.6 Over the period the 5-year UK benchmark gilt yield rose from 1.41% to peak at
4.7% in September before ending the financial year at 3.36%.  Over the same
timeframe, the 10-year gilt yield rose from 1.61% to peak at 4.51% before falling
back to 3.49%, whilst the 20-year yield rose from 1.82% to 4.96% and then reduced
to 3.82%. This resulted in the PWLB 10 year borrowing rate reducing from 4.79%
at the start of the quarter to 4.53% at the end of the quarter, showing a spread of
0.75% between the highest and lowest interest rate which were 4.87% and 4.12%
respectively, averaging 4.51%. 
2.5.7 A new HRA PWLB rate of gilt yield plus 0.4% (0.4% below the currently available
certainty rate) was announced on 15th March 2023. This discounted rate is to
support local authorities borrowing for Housing Revenue Accounts and the delivery
of social housing and is expected to be available from June 2023, initially for a

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period of one year. A detailed review will be undertaken in conjunction with our
treasury management advisors to establish if this is a borrowing opportunity that
the Council can access. 
2.5.8 Following the increases in the base rate in February and March, short-term
borrowing interest rates increased with the short term 7-day offer rate ranging
between 3.55% and 4.31% over the period. Taking account of the increase in
borrowing rates and advice from our treasury management advisors, it was
considered more cost effective in the near term to use a combination of internal
resources or to borrow rolling temporary / short-term loans at lower interest rates
where possible rather than long term borrowing. This will manifest itself in
increased temporary borrowing costs for the Council partially offset by increased
investment income earned on surplus balances but remains within budgetary
forecasts. 
2.5.9 The Treasury Management Section will continue to monitor financial and economic
policy and their impact upon the Council’s investment and borrowing activity. 
2.6 The Prudential Code for Capital Finance in Local Authorities
2.6.1  The Local Government in Scotland Act 2003 requires the Council to undertake its
Treasury activities in line with the Prudential Code for Capital Finance in Local
Authorities. 
2.6.2 Committee, at its meeting on 10 March 2022, approved a report titled, “Treasury
Management Strategy 2022/2023 and Treasury and Prudential Indicators
2022/2023 to 2024/2025”. This report detailed a variety of mandatory and local
indicators aimed at assisting members to determine that proposed capital
investment levels and treasury management decisions satisfied the key
requirements of affordability, prudence and sustainability. Performance against
key prudential indicators for 2022/23 to date is detailed within Appendix 2. 
2.6.3 Committee will wish to note the following salient points:-
(i) Indicator 1(a) illustrates that investment on capital expenditure is forecast to be
lower than anticipated by £50.1m. This reflects decrease of £35.1m in the General
Fund capital investment and £15.0m for the HRA Mainstream and New Build
programmes. This is primarily due to the investment programmes continuing to
face a number of risks and challenges associated with programme delivery
including inflationary pressures as contractors continue to face issues with the
supply of both labour, equipment and materials, and lower than budgeted
purchases through the Council’s Buy Back Schemes. For further information, this
is monitored in detail as part of the Council's capital programme reporting
mechanisms which will provide spend details including any revisions to the
estimates approved in 2022/23. 
(ii)     The mix of resources used to finance the capital expenditure in 2022/23 reflect the
updates to the forecast capital investment outlined above. Therefore, the level of
in-year borrowing is anticipated to be lower by £80.5m due to a reduction in HRA
and General Fund programmes of £59.1m and £21.4m respectively. The forecast
level of borrowing also reflects a net increase in capital grants and external
contributions of £19.9m with additional funds available to the General Fund and
HRA programmes of £13.4m and £6.5m respectively. An additional £10.6m of
CFCR is also available for the General Fund programme.   
(iii) As a result of accounting issues arising from the pandemic recovery, the
implementation of IFRS 16 Lease Accounting has been delayed yet again.

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Therefore, a restatement of existing liabilities for operating leases to the credit
arrangement category will not be applied in 2022/23, with the spend and
associated financing under credit arrangements estimated to be £3.5m will be
accounted for in future years. 
(iv) The Prudential Code requires the Council’s capital investment to be affordable and
prudent. To demonstrate this, a Prudential Margin (the need to borrow versus
actual borrowing) is calculated. Indicator 1(b) demonstrates a healthy prudential
margin of £246.2m as at 31 March 2023. The timing and profile of external
borrowing to replenish cash reserves and balances are being managed, giving full
consideration to liquidity, interest rate and refinancing risk, whilst minimising the
potential carrying costs. 
(v) Indicator 2 illustrates that both the overall authorised and operational borrowing
limits for borrowing and long-term liabilities have not been exceeded, with the
maximum borrowing undertaken within the period being well below the approved
boundaries. 
(vi) Indicator 3(a) highlights the proportion of external interest payable by the Council
which is fixed and external interest payable which may vary over the term of the
borrowing, and which exposes the Council to the effects of interest rate changes.
At 31 March 2023 the level of borrowing subject to variability is deemed to be within
acceptable levels. 
(vii) Indicator 3(b) highlights a projected loan charge underspend of £0.1m compared
to the prudential estimates for 2022/23. This projection takes into account the
treasury management activity, the loans fund advances repayment policy adopted
in 2021/22 and the decisions of the P&S Committee on 30 September 2021 and
the SCDG to reprofile the capital programme in response to the significant delivery
related challenges. This current loan charge underspend is made up of: 
• A net treasury management overspend of £0.3m is projected (£0.5m General
Fund overspend offset by underspend of £0.2m HRA), which is a reflection of
the cashflow management techniques adopted, directing the timing of new
borrowing, managing investment security, liquidity and interest rate risk. 
• In 2022/23 it is anticipated there will be reduction in anticipated loans fund
advance repayments of £0.4m (£0.1m and £0.3m for the General Fund and
HRA respectively). This is primarily due to the Council benefiting from the
revised loans fund advance repayment policy approved at the Finance and
Resources Committee on the 26 November 2020, whereby the Council
continues to use the annuity model, apply a fixed average life to the loans fund
advances, and apply a prudent annuity rate. 
(viii) Indicator 3(c) relates to the level of fixed debt due to mature within time periods. 
The level of debt maturing remains within the upper limits set for each category at
the beginning of the financial year. 
3.1 Measures of Success 
Overall the approach adopted by the Council’s Treasury Management team during the
quarter under review met the key requirements of the 2022/23 Treasury Management
Strategy. Prudential indicators have remained in accordance with those approved by
Committee on 10 March 2022. The projected final outturn illustrates a healthy prudential
margin and borrowing levels that are below sustainable limits, ensuring that the projected

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capital investment levels remain affordable and sustainable. However, the current
financial volatility and increased borrowing costs has resulted in an assessment being
undertaken of the potential impact on future years of the current capital programme.  This
will continue to be monitored to determine if any further review of the programme is
required to ensure that it remains sustainably affordable. 
4. Supporting documents 
4.1 Appendix 1:  Loans, Long term Liabilities & Investments as at 31 March 2023 
Appendix 2:  Summary of Treasury and Prudential Indicators as at quarter ended 31   
March 2023 
Elaine Kemp
Chief Officer (Finance)

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5. Impacts 
5.1 Public Sector Equality Duty and Fairer Scotland Duty 
Does the report contain information that has an impact as a result of the Public
Sector Equality Duty and/or Fairer Scotland Duty? 
Yes ☐ No ☒ 
If Yes, please provide a brief summary of the impact?   
If Yes, has an assessment been carried out and published on the council’s
website? https://www.northlanarkshire.gov.uk/your-community/equalities/equality-
and-fairer-scotland-duty-impact-assessments 
Yes ☐ No ☐
5.2 Financial impact 
Does the report contain any financial impacts? 
Yes ☐ No ☒ 
If Yes, have all relevant financial impacts have been discussed and agreed with
Finance? 
Yes ☐ No ☐ 
If Yes, please provide a brief summary of the impact? 
5.3 HR policy impact 
Does the report contain any HR policy or procedure impacts? 
Yes ☐ No ☒ 
If Yes, have all relevant HR impacts have been discussed and agreed with People
Resources? 
Yes ☐ No ☐ 
If Yes, please provide a brief summary of the impact? 
5.4 Legal impact 
Does the report contain any legal impacts (such as general legal matters, statutory
considerations (including employment law considerations), or new legislation)? 
Yes ☐ No ☒ 
If Yes, have all relevant legal impacts have been discussed and agreed with Legal
and Democratic? 
Yes ☐ No ☐ 
If Yes, please provide a brief summary of the impact? 
5.5 Data protection impact 
Does the report / project / practice contain or involve the processing of personal
data?   
Yes ☐ No ☒ 
If Yes, is the processing of this personal data likely to result in a high risk to the
data subject? 
Yes ☐ No ☐ 
If Yes, has a Data Protection Impact Assessment (DPIA) been carried out and e-
mailed to dataprotection@northlan.gov.uk 
Yes ☐ No ☐
5.6 Technology / Digital impact 
Does the report contain information that has an impact on either technology, digital
transformation, service redesign / business change processes, data management,
or connectivity / broadband / Wi-Fi? 
Yes ☐ No ☒ 
If Yes, please provide a brief summary of the impact?

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Where the impact identifies a requirement for significant technology change, has
an assessment been carried out (or scheduled) by the Enterprise Architecture
Governance Group (EAGG)? 
Yes ☐ No ☐
5.7 Environmental / Carbon impact 
Does the report / project / practice contain information that has an impact on any
environmental or carbon matters? 
Yes ☐ No ☒ 
If Yes, please provide a brief summary of the impact? 
5.8 Communications impact 
Does the report contain any information that has an impact on the council’s
communications activities? 
Yes ☐ No ☒ 
If Yes, please provide a brief summary of the impact? 
5.9 Risk impact 
Is there a risk impact? 
Yes ☒ No ☐ 
Treasury Management activity by its very nature has a number of inherent risks
including interest rate, liquidity and refinancing risks. To minimise risk for its
treasury management activities the Council adopts and operates in accordance
with the guidelines for best practice prescribed within the CIPFA “Treasury
Management in the Public Services” Code of Practice and the CIPFA Prudential
Code for Capital Finance in Local Authorities.
5.10 Armed Forces Covenant Duty 
Does the report require to take due regard of the Armed Forces Covenant Duty (i.e.
does it relate to healthcare, housing, or education services for in-Service or ex-
Service personnel, or their families, or widow(er)s)? 
Yes ☐ No ☒ 
If Yes, please provide a brief summary of the provision which has been made to
ensure there has been appropriate consideration of the particular needs of the
Armed Forces community to make sure that they do not face disadvantage
compared to other citizens in the provision of public services.

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LOANS, LONG TERM LIABILITIES & INVESTMENTS AS AT 31 MARCH 2023                                                                             Appendix 1
DEBT RESTRUCTURING   
BALANCE        
1-January-23
EARLY
REDEMPTION REFINANCING
NEW
BORROWING /
LONG-TERM
LIABILITIES
PRINCIPAL
REPAYMENTS
NET CASH
MOVEMENTS
BALANCE        
31-March-23
(1) (2) (3) (4) (5) (6) (7)
LONG-TERM LOANS
PWLB 402,123,229 0 0 60,000,000 (12,889,924) 47,110,076 449,233,305
MONEY MARKET LOANS 67,000,000 0 0 0 (10,000,000) (10,000,000) 57,000,000
ENERGY EFFICIENCY LOAN 1,003,658 0 0 0 (26,023) (26,023) 977,636
470,126,888 0 0 60,000,000 (22,915,947) 37,084,053 507,210,940.58
SHORT-TERM LOANS
TEMPORARY 214,000,000 0 0 78,000,000 (50,000,000) 28,000,000 242,000,000
MUNICIPAL BANK 0 0 0 0 0 0 0
INTERNAL LOANS 6,280 0 0 0 0 0 6,280
214,006,280 0 0 78,000,000 (50,000,000) 28,000,000 242,006,280
LONG -TERM LIABILITIES
FINANCE LEASE OBLIGATIONS 1,547,311 0 0 0 (4,503) (4,503) 1,542,808
LONG TERM LIABILITY 166,679,105 0 0 0 (1,553,058) (1,553,058) 165,126,047
168,226,416 0 0 0 (1,557,561) (1,557,561) 166,668,855
TOTAL EXTERNAL DEBT 852,359,583 0 0 138,000,000 (74,473,508) 63,526,492 915,886,075
INVESTMENTS
THIRD PARTY ADVANCES 1,178,234 0 0 0 0 0 1,178,234
BANKS & OTHER FINANCIAL INSTITUTIONS 53,107,371.11 0 0 0 0 30,834,099 83,941,470
BANK OVERDRAFT INCL CASH IN TRANSIT 506,208 0 0 0 0 (7,959,069) (7,452,861)
CASH & CASH EQUIVALENTS 54,791,813 0 0 0 0 22,875,030 77,666,843
NET BORROWING 797,567,770 0 0 138,000,000 74,473,508 40,651,462 838,219,232

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Summary of Treasury and Prudential Indicators as at quarter ended 31 March 2023 Appendix 2
1. Capital Expenditure, Capital Financing Requirement and Prudential Margin
(a) Capital Expenditure Initial
Estimate
2022/2023
(£m)
Projected 
Outturn 
2022/2023 
(£m)
Variance 
2022/2023 
(£m)
Total spend : Capital Expenditure 296.5 246.4 50.1
Total spend : Credit Arrangement 0.0 0.0 0.0
Total Capital Investment 296.5 246.4 50.1
Financed By: 
Borrowing 207.2 126.7 80.5
Capital receipts 1.0 2.5 (1.5)
Capital receipts transfer to Capital Fund 0.0 (1.5) 1.5
Capital Grants & Other External Contributions 61.2 81.1 (19.9)
Capital from Current Revenue 27.1 37.7 (10.6)
(b) Prudential Margin Calculation Initial
Estimate
2022/2023
(£m)
Projected 
Outturn 
2022/2023 
(£m)
Variance 
2022/2023 
(£m)
Capital Financing Requirement 1,321.8 1,207.3 114.5
Gross Borrowing 1,194.3 961.1 233.2
Prudential Margin 127.5 246.2 (118.7)
2.  Authorised Limit and Operational Boundary
Initial
Authorised
Limit
2022/2023
(£m)
Initial
Operational
Boundary
2022/2023
(£m)
Maximum
Borrowing
Level Q4
2022/2023 (£m)
Borrowing 1,215.0 1,240.0 749.2
Other Long-term Liabilities 185.0 185.0 165.1
Totals 1,400.0 1,425.0 914.3
3. Treasury Management Indicators
a) Interest Rate Exposures on External Interest Payments Position as at
31/03/2023
(£m) %
External Interest Payable on Fixed Rate Loan Debt 22.8 98.1%
External Interest Payable on Variable Rate Loan Debt 0.4 1.9%
b) Loans Fund Revenue Account Initial
Estimate
2022/2023
(£m)
Projected
Outturn 
2022/2023
(£m) Variance £m) %age
Loans Fund Interest Payments 30.0 30.8 (0.8) -2.7%
Loans Fund Expenses 0.4 0.4 0.0 0.0%
Total Loans Interest Payments & Expenses 30.4 31.2 (0.8) -2.7%
Loans Funds Investment Income (0.2) (0.7) 0.5 -250.0%
Total Loans Fund Interest Payments Investment Income & Expenses 30.2 30.5 (0.3) -1.0%
Allocated as follows :
Loans Fund Interest Payments Investment Income & Expenses:General Fund 17.6 18.1 (0.5) -2.9%
Loans Fund Interest Payments Investment Income & Expenses:HRA 12.6 12.4 0.2 1.5%
Capital Advances Repayments -  General Fund 8.8 8.7 0.1 1.2%
Capital Advances Repayments -  HRA 10.1 9.8 0.3 3.4%
Total Capital Advances 18.9 18.5 0.4 2.4%
Total Loan Charges 49.1 49.0 0.1 0.3%
c) Maturity Structure of Borrowing
<12months
12 months to
2 years 2 to 5 years
5 to 10
years
10 to 20
years
20 to 40
years
>40
years
Upper Limit maturing :Fixed & Variable Rate Debt 15.0% 15.0% 25.0% 30.0% 35.0% 45.0% 30.0%
Lower Limit maturing :Fixed & Variable Rate Debt 0.0% 0.0% 5.0% 5.0% 5.0% 10.0% 5.0%
Maturity structure at the start of Q4 8.8% 4.7% 11.9% 11.9% 20.4% 36.8% 5.5%
Maturity structure at the end of  Q4 6.1% 4.1% 13.6% 15.3% 21.7% 34.1% 5.1%