Issue - meetings

Report of the Chief Financial Officer regarding the Council’s proposed treasury management strategy for the coming year in relation to the Council’s cash flow, investment and borrowing, and the management of the numerous risks related to this activity, attached.

The report of the Chief Financial Officer was submitted regarding the Council’s proposed treasury management strategy for the coming year in relation to the Council’s cash flow, investment and borrowing, and the management of the numerous risks related to this activity (copy of report circulated with agenda and appended to signed minutes).

RESOLVED:

(i)  that the Council’s Treasury Management (TM) Strategy and Prudential Indicators for 2014/15, 2015/16 and 2016/17, as detailed within the report be approved;

(ii)  that the 2014 Minimum Revenue Provision (MRP) Statement as detailed in paragraphs74 to 83 of the report be approved;

(iii)  that the Annual Investment Strategy as detailed in paragraphs 36 to 50 of the report be approved;

(iv)  that it be noted that at the time of writing the report the recommendations in the Capital Programme Update report, submitted to Council on the 12 February 2014, had not yet been approved.  The indicators in the report are based on the assumption that they would be approved, but should the recommendations change, the Prudential Indicators may have to be recalculated; and

(v)  that delegated authority continue to be granted to the Chief Financial Officer (CFO), following consultation with the Cabinet Member for Resources to approve any changes to the Prudential Indicators or borrowing limits that will aid good treasury management.  For example, agreeing an increase in the percentage for variable rate borrowing to take advantage of the depressed market for short term rates.  Any amendments would be reported as part of quarterly financial and performance monitoring and in revisions to the TM Strategy.

Report of the Chief Financial Officer regarding the Council’s proposed treasury management strategy for the coming year in relation to the Council’s cash flow, investment and borrowing, and the management of the numerous risks related to this activity, attached.

The Committee considered the report of the Chief Financial Officer regarding treasury management activity and proposals for cash flow, investment and borrowing for the following year.

RESOLVED that:-

(i)  the Treasury Management strategy for 2014/15 as outlined in the report be endorsed;

(ii)  following recommendations in the Capital Update report to Council on 12 February 2014, the possible need to recalculate the Prudential indicators be noted; and

(iii)  following the finalisation of the capital and revenue budgets report due at Council, the possible need to make changes be noted.