Issue - meetings

Report of the Council’s Chief Financial Officer detailing the context within which the Council's treasury management activity operates and setting out a proposed strategy for 2017/18 to 2020/21, attached.

The report of the Service Director Finance and Commercialisation was submitted detailing the context within which the Council’s treasury management activity operates and setting out a proposed strategy for 2017/18 to 2020/21. 

RESOLVED:

(i)  To approve the Council’s Treasury Management (TM) Strategy and Prudential Indicators for 2017/18, 2018/19 and 2019/20, as detailed within the report;

(ii)  To approve the 2016 Minimum Revenue Provision (MRP) Statement as detailed in paragraphs 76 to 84 and to delegate authority to the Chief Financial Officer (CFO) to approve any changes necessary that aid good financial management whilst maintaining a prudent approach;

(iii)  To approve the Annual Investment Strategy as detailed in paragraphs 40 to 58; and

(iv)  To note that at the time of writing this report the recommendations in the Capital update report, submitted to Council on the 15 February 2017, had not been approved.  The indicators in the report were based on the assumption that they were approved; and

(v)  To continue to delegate authority to the Chief Financial Officer (CFO) 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 will be reported as part of quarterly financial and performance monitoring and in revisions to the TM Strategy.

Report of the Council’s Chief Financial Officer detailing the context within which the Council's treasury management activity operates and setting out a proposed strategy for 2017/18 to 2020/21, attached.

The Committee considered the report of the Service Director Finance and Commercialisation detailing the Treasury Management Strategy and Prudential Limits 2017/18 to 2020/21.  The Committee noted the context within which the Council’s treasury management activity operated and the proposed 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 the activity.

The Committee noted that the Treasury Management Strategy and Prudential Limits 2017/18 to 2020/21 was subject to the Local Government Settlement which was delayed this year and would be after Cabinet and Council Budget setting meetings.

RESOLVED:

(i)  That the Treasury Management Strategy for 2017/18 as outlined in the report be endorsed;

(ii)  That the 2017 Minimum Revenue Provision Statement as detailed in paragraphs 76 to 84 of the report be endorsed;

(iii)  That it be noted that the indicators as reported had been set on the assumption that the recommendations in the Capital update report would be approved by Council on 15^th February 2017; should the recommendations change the Prudential Indicators may have to be recalculated; and

(iv)  That it be noted that due to timing of this report, changes may still be required following the finalisation of capital and revenue budgets and therefore any significant changes to this report would be highlighted in the final version that was presented to Full Council.