Issue - meetings

To receive a report from the Chief Executive and Deputy Chief Executive.

Cllr Nick Botterill, Cabinet Member for Finance, Development Management, and Strategic Planning, presented a report recommending the Council approve the Prudential and Treasury Indicators, together with the Treasury Management Strategy for 2024/25.

It was explained there were limited changes from the strategy statement for the precious year, and attention was drawn to the capital finance requirements, along with details of proposed borrowing need.

The Leader added that the report was a critical part of controlling and managing the cost of borrowing, which many councils had failed to understand.

Cllr Pip Ridout, Chairman of the Financial Planning Task Group, confirmed the group was supportive of the report and its recommendations.

Cllr Gordon King welcomed the report in setting out the roadmap for the council’s treasury management.

At the conclusion of discussion, it was then,

Resolved:

That Cabinet recommends that Council:

a)    Adopt the Minimum Revenue Provision Policy (paragraph 26 – 28);

b)   Adopt the Prudential and Treasury Indicators (paragraphs 17 – 25, 41 – 47 and Appendix A);

c)    Adopt the Annual Investment Strategy (paragraph 65 onwards);

d)   Delegate to the Director of Finance and Procurement (S151 Officer) the authority to vary the amount of borrowing and other long-term liabilities within the Treasury Indicators for the Authorised Limit and the Operational Boundary;

e)    Authorise the Director of Finance and Procurement (S151 Officer) to agree the restructuring of existing long-term loans where savings are achievable or to enhance the long-term portfolio;

f)     Agree that short term cash surpluses and deficits continue to be managed through temporary loans, deposits and money market funds;

g)   Agree that any surplus cash balances not required to cover borrowing are placed in the most appropriate specified or non-specified investments, particularly where this is more cost effective than short term deposits; and delegate to the Director of Finance and Procurement (S151 Officer) the authority to select such funds;

h)   Agree the Investment Policy (paragraph 69);

i)     Agree the Creditworthiness Policy (paragraph 73).

Reason

To enable the Council to agree a Treasury Management Strategy for 2024/25 and set Prudential Indicators that comply with statutory guidance and reflect best practice.