Decision details

Cabinet resolved to recommend the Assembly to:

(i)  Note that on 15 January 2015 the Council borrowed £89 million from the European Investment Bank as outlined in section 4.5 of the report;

(ii)  Adopt the Treasury Management Strategy Statement for 2015/16 as set out in the report and in doing so:

(a)  Note the current treasury position for 2015/16 and prospects for interest rates, as referred to in sections 4 and 7 of the report;

(b)  Approve the Council’s Borrowing Strategy, Debt Rescheduling Strategy and Policy on borrowing in advance of need for 2015/16 as referred to in section 9 of the report;

(c)  Approve the Annual Investment Strategy and Creditworthiness Policy for 2015/16 outlining the investments that the Council may use for the prudent management of its investment balances, as set out in Appendix 1 to the report;

(d)  Approve the Authorised Borrowing Limit of £800m for 2015/16, representing the statutory limit determined by the Council pursuant to section 3(1) of the Local Government Act 2003, as set out in Appendix 3 to the report;

(e)  Approve the Treasury Management Indicators and Prudential Indicators for 2015/16, as set out in Appendix 3 to the report;

(f)  Approve the Minimum Revenue Policy Statement for 2015/16, representing the Council’s policy on repayment of debt, as set out in Appendix 4 to the report;

(g)  Maintain the authority delegated to the Chief Finance Officer, in consultation with the Cabinet Member for Finance, to proportionally amend the counterparty lending limits agreed within the TMSS to take into account the initial increase in cash from the EIB but also the subsequent decrease in cash balances as payments are made to the SPV; and

(h)  Agree that the delegated responsibility be reviewed as part of the 2014/15 Treasury Management Outturn Report to Assembly in July 2015.