Issue - meetings

The Leader presented the proposed Treasury Management Strategy for 2010/11 for Cabinet’s consideration which included the Prudential and Treasury Indicators (Prls and Trls) for the next three years; other debt management decisions required for 2010-11 that did not feature within Prls or Trls; and the Annual Investment Strategy for 2010-11.

Recommended:

That Council:

i)              adopt the revised CIPFA Code of Practice on Treasury Management in the Public Services;

ii)            adopt the Prudential and Treasury Indicators (Appendix A);

iii)          adopt the Annual Investment Strategy (Appendix B);

iv)         delegate to the Chief Finance Officer the authority to vary the amount of borrowing and other long term liabilities within both the Treasury Indicators for the Authorised Limit and the Operational Boundary;

v)           authorise the Chief Finance Officer to agree the restructuring of existing long-term loans where savings are achievable or to enhance the long term portfolio;

vi)         agree that short term cash surpluses and deficits continue to be managed through temporary loans and deposits; and

vii)       agree that any long term surplus cash balances not required to cover borrowing are placed in authorised money-market funds, particularly where this is more cost effective than short term deposits and delegate to the Chief Finance Officer the authority to select such funds.

Reason for Decision

To enable the Council to comply with statutory guidance and reflect best practice.