Agenda item

Treasury Management Strategy

To receive a report from the Chief Executive.


The Chairman invited Councillor Nick Botterill, Cabinet Member for Finance, Development Management and Strategic Planning, to present a report on the Treasury Management Strategy 2023-24.


Councillor Botterill proposed a motion to accept the recommendations set out in the report, seconded by Councillor Richard Clewer, Leader of the Council. The importance of the maintaining a sound balance sheet with high levels of rigour and prudence through the proposed strategy was highlighted.


Additionally, the need to make informed decisions respecting topical matters such as the recent rise of inflation rates was important when considering factors like high level investment and debt management decisions. Furthermore, it was highlighted that major financial problems were often linked to improper treasury management decisions, showing the importance of such a strategy.


Comments were then made on the proposals by Group Leaders as follows:


Councillor Richard Clewer, Leader of the Council, stated that he would support the strategy and emphasised the fundamental nature of the strategy to Wiltshire Council’s daily operations.


Councillor Ian Thorn, Leader of the Liberal Democrat Group, noted the comments and stated that he was happy to support the strategy and its recommendations.


Councillors Ernie Clark, Leader of the Independent Group, and Ricky Rogers, Leader of the Labour Group, further stated that they would support the strategy.


During the debate Members welcomed the thoroughness of the report and the concise and clear nature of the strategy. Further comments were received with regard to the interrelationship between capital budgets and the borrowing requirements of the Council and the need to make clear the difference between the types of capital budget to allow for a more robust scrutiny on capital budgetary matters.


At the conclusion of the debate, Councillor Botterill noted the comments made above, and it was then:




That Full Council:


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


2)    Adopt the Prudential and Treasury Indicators (paragraphs 17 – 25, 40 – 46 and Appendix A);


3)    Adopt the Annual Investment Strategy (paragraph 63 onwards);


4)    Delegate to the Corporate Director of Resources & Deputy Chief Executive (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;


5)    Authorise the Corporate Director of Resources & Deputy Chief Executive (S151 Officer) to agree the restructuring of existing long-term loans where savings are achievable or to enhance the long-term portfolio;


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


7)    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 Corporate Director of Resources & Deputy Chief Executive (S151 Officer) the authority to select such funds;


8)    Agree the revised Investment Policy (paragraph 70);


9)    Agree the revised Creditworthiness Policy (paragraph 77);


In accordance with the Constitution there was a recorded vote.


Votes for the motion (86)

Votes against the motion (0)

Votes in abstention (0)


Details of the vote are attached to the minutes.


Supporting documents: