Decision details

The Cabinet Member with the Resources Portfolio introduced the report of the Group Director of Operations (previously circulated) requesting consideration be given to reviewing the Prudential Indicators and Limits for 2023/24 to 2025/26 relating to capital expenditure and Treasury Management activity; a policy statement relating to the Minimum Revenue Provision; and the Treasury Management Strategy 2023/24, which includes the Annual Investment Strategy for 2023/24.

The submitted report outlined the Council’s Prudential Indicators for 2023/24 to 2025/26; set out the expected treasury operations for that period; and reported that the expenditure plans, Treasury Management and Prudential Borrowing activities indicated that they were within the statutory framework and consistent with the relevant codes of practice, were prudent, affordable and sustainable and were an integral part of the Council’s Revenue and Capital Medium Term Financial Plans.

 RESOLVED - That it be recommended to the special meeting of Council scheduled to be held on Thursday 16 February 2023 that:-

(a)  the Prudential Indicators and limits for 2023/24 to 2025/26, as summarised in Tables 1 and 2 of the submitted report, be approved;

(b)  the Minimum Revenue Provision (MRP) statement, as detailed in paragraphs 36 to 43 of the submitted report, be approved;

(c)  the Treasury Management Strategy 2023/24 to 2025/26, as summarised in paragraphs 47 to 73 of the submitted report, be approved; and

(d)  the Annual Investment Strategy 2023/24, as contained in paragraphs 74 to 106 of the submitted report, be approved.

REASONS - (a)  In order to comply with the Prudential Code for Capital Finance in Local Authorities and the Department for Levelling Up, Housing and Communities (DLUHC) guidance on investments.

(b)  To comply with the requirements of the Local Government Act 2003.

(c)  To approve a framework for officers to work within when making investment decisions.