Issue - meetings

(Business Support Services) To consider the attached report.

Mover: Councillor C Whitbread, on behalf of the Business Support Services Portfolio Holder

Councillor C Whitbread presented a report on the Council’s Treasury Management Strategy, Annual Investment Strategy and the Prudential Indicators.

Report as first moved ADOPTED

            RESOLVED:

That the following documents attached to these minutes as Appendices 3 and 4 be adopted;

(a)  Treasury Management Strategy Statement 2019/20;

(b)  Minimum Revenue Provision (MRP) Strategy;

(c)  Treasury Management Prudential Indicators for 2019/20 to 2021/22;

(d)  The rate of interest to be applied to any inter-fund balances; and

(e)  Treasury Management Policy Statement.

To consider the attached report (C-034-2018/19).

That Cabinet considered and, recommended the following to Council for approval:

(a)          Treasury Management Strategy Statement 2019/20;

(b)          Minimum Revenue Provision (MRP) Strategy;

(c)          Treasury Management Prudential Indicators for 2019/20 to 2021/22;

(d)          The rate of interest to be applied to any inter-fund balances; and

(e)          Treasury Management Policy Statement.

The Business Services Portfolio Holder introduced the report on the Treasury Management Statement. He noted that the Council was required to approve the Treasury Management Strategy and Prudential Indicators and a statement on the Minimum Revenue Provision (MRP) before the start of each financial year.

The strategies had been scrutinised by the Audit and Governance Committee on 28 January 2019 and an update will be provided to Council on 21 February to cover any suggestions or proposed amendments.

The Council’s treasury activities were strictly regulated by statutory requirements and a professional code of practice (the CIPFA Code of Practice on Treasury Management).  There was a requirement for Council to approve its treasury and investment strategy and prudential indicators each year.

The Strategy was prepared in line with advice from our treasury advisors Arlingclose. There have been no major changes to the strategy from the current strategy approved in February 2018.

Decision:

That Cabinet considered and, recommended the following to Council for approval:

(a)          Treasury Management Strategy Statement 2019/20;

(b)          Minimum Revenue Provision (MRP) Strategy;

(c)          Treasury Management Prudential Indicators for 2019/20 to 2021/22;

(d)          The rate of interest to be applied to any inter-fund balances; and

(e)          Treasury Management Policy Statement.

Reasons for Proposed Decision:

The proposed decision was necessary to ensure we comply with CIPFA Code of Practice on Treasury Management.

Other Options for Action:

Members could ask for additional information about the Treasury Management Strategy, or could decide that alternative indicators were required.