Conwy’s Net Debt Drops by £24.2m According to Treasury Report

Conwy’s total net debt is £167.5m, but borrowing has decreased by £24.2m.
At a meeting on Monday, the council’s governance and audit committee considered a report updating members on its treasury management activity for the first quarter of the year.
The report revealed Conwy’s external borrowing had decreased by £24.2m during the period April to June 2024, from £203.3m to £179.1m.
The total investments also reduced during the same period, from £27.6m down to £11.6m.
The combined impact of the council’s borrowing and investments was a net borrowing total of £167.5m at 30 June 2024,  down from £175.7m at the 31 March 2024.
“I’m really happy with the treasury report,” said Cllr Gareth Jones.
“It is really clear, logical, and gives me a huge amount of assurance that we are actually on top of things and managing things properly.”
The purpose of the report was to provide members with an update of treasury management activity undertaken in quarter one of 2024/25.
The Chartered Institute for Public Finance and Accountancy defines treasury management activity as the management of the organisation’s borrowing, investments and cash flows, its banking, money market, and capital market transactions.
The report also considers ‘effective control of the risks associated with those activities and the pursuit of optimum performance consistent with those risks’.
Conwy raised council tax by 9.67% this year whilst cutting frontline service budgets by 10% and even schools by 5%.

By Richard Evans – Local Democracy Reporter