Decision details

Cabinet resolved to recommend the Assembly to adopt the Treasury Management Strategy Statement for 2022/23 and, in doing so, to:

(i)  Note the current treasury position for 2022/23 in section 4 and prospects for interest rates, as referred to in section 8 of the report;

(ii)  Approve the Annual Investment Strategy 2022/23 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;

(iii)  Approve the Council’s Borrowing Strategy 2022/23 to 2024/25, as set out in Appendix 2 to the report;

(iv)  Note that the Capital Strategy 2022/23, incorporating the Investment and Acquisitions Strategy, shall be updated and presented for approval in April 2021;

(v)  Approve the Capital Prudential and Treasury Indicators 2021/22 – 2024/25, as set out in Appendix 3 to the report;

(vi)  Approve the Operational Boundary Limit of £1.60bn and the Authorised Borrowing Limit of £1.70bn for 2022/23, representing the statutory limit determined by the Council pursuant to section 3(1) of the Local Government Act 2003, as referred to in Appendix 3 to the report;

(vii)  Approve the Minimum Revenue Provision Policy Statement for 2022/23; the Council’s policy on repayment of debt, as set out in Appendix 4 to the report;

(viii)  Note that changes made to the Prudential Code and Treasury Management code, published in December 2021, will be fully implemented for the 2023/24 TMSS; and

(ix)  Delegate authority to the Finance Director, in consultation with the Cabinet Member for Finance, Performance and Core Services, to proportionally amend the counterparty lending limits agreed within the Treasury Management Strategy Statement to consider the increase in short-term cash held from borrowing.