Report by Director of Finance

The Director of Finance submitted a report seeking approval for a Treasury Management Strategy, which had to be in place before the start of each financial year, in accordance with the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2017 and the CIPFA Prudential Code.  The Council’s Treasury Management Strategy Statement (TMSS), was attached to the report at Appendix A, setting out the parameters for the Council’s planned Treasury activity during 2022/23, which the Council’s Treasury Team would manage on a day-to-day basis.  The TMSS reflected the Council’s Capital Programme 2022/23 to 2024/25 with non-treasury investments being registered in the Council’s Capital Strategy, which was presented separately to the TMSS (see Minute 38 above).  The report also had appended the Treasury Management Policy 2022/23; Minimum Revenue Provision (MRP) 2022/23; and the Annual Investment Strategy.

The report had been updated from the version presented to Policy Committee on 14 February 2022 to reflect the latest interest rate forecasts following the increase of the Bank Rate to 0.50% and had been prepared with reference to the following documents:

·        CIPFA Code of Practice for Treasury Management in the Public Services 2017

·        CIPFA The Prudential Code 2017

·        MHCLG Statutory Guidance on Local Government Investments (February 2018)

·        CIPFA Bulletin Treasury and Capital Management Update (October 2018)

The following motion was moved by Councillor Brock and seconded by Councillor Ennis and CARRIED:

Resolved –

(1)           That the Treasury Management Strategy Statement for 2022/23, as set out in Appendix A to the report, be approved;

(2)           That the Treasury Management Policy for 2022/23, as set out in Appendix A to the report, be approved;

(3)           That the Minimum Revenue Provision (MRP) Policy for 2022/23, as set out in Appendix A to the report, be approved;

(4)           That the Annual Investment Strategy for 2022/23, as set out in Appendix A to the report be approved, noting the revised total limit for Non-Specified Investments; and

(5)           That the Prudential and Treasury Management indicators, as set out in Appendix A to the report, be approved.