Decision Maker: Cabinet, Council
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
To consider the revised Treasury Management
Strategy, Prudential Indicators and providing a half-yearly review
of the Council’s borrowing and investment
The Cabinet Member with the Resources Portfolio introduced the report of the Group Director of Resources (previously circulated) seeking approval of the revised Treasury Management Strategy, Prudential Indicators and providing a half yearly review of the Council’s borrowing and investment activities.
It was reported that the mandatory Prudential Code, which governed the Council’s borrowing, required Council approval of controls, called Prudential Indicators, which related to capital spending and borrowing. The indicators were set out in three statutory annual reports and the key objectives of those reports were set out in the submitted report, together with the key proposed revisions to the indicators which related to a reduction in the Operational Boundary to £174.081m and the Authorised Limit to £237.156m to allow for any additional cashflow requirements.
Particular reference was made to the investments of £30m in property funds, which were expected to increase the net return on investment by around £0.700m in future years.
RESOLVED - (a) That the revised prudential indicators and limits, as detailed within Tables 1 to 6, 8, 10 and 12 to 17 of the submitted report, be noted.
(b) That the under-spend in the Treasury Management Budget (Financing Costs) of £0.243m, as shown in Table 11 of the submitted report, be noted.
(c) That the report be forwarded to Council in order for the updated prudential indicators to be approved.
REASONS - (a) In order to comply with the Prudential Code for Capital Finance in Local Authorities.
(b) To inform Members of the performance of the Treasury Management function.
(c) To comply with the Local Government Act 2003.
(d) To enable further improvements to be made in the Council’s Treasury Management function.
Report author: Gail Banyard
Publication date: 10/12/2021
Date of decision: 07/12/2021
Decided at meeting: 07/12/2021 - Cabinet
Effective from: 18/12/2021