Decision details

The Cabinet resolved to recommend the Assembly to adopt the Treasury Management Strategy Statement for 2017/18 and, in doing so, to:

(i)  Note the current treasury position for 2017/18 and prospects for interest rates, as referred to in section 6 of the report;

(ii)  Approve the Council’s Borrowing Strategy, Debt Rescheduling Strategy and Policy on borrowing in advance of need for 2017/18 as referred to in section 9 of the report;

(iii)  Approve the Annual Investment Strategy and Creditworthiness Policy for 2017/18 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;

(iv)  Approve the Authorised Borrowing Limit of £902m for 2017/18, 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;

(v)  Approve the Treasury Management Indicators and Prudential Indicators for 2017/18, as set out in Appendix 3 to the report;

(vi)  Approve the Minimum Revenue Provision Policy Statement for 2017/18, representing the Council’s policy on repayment of debt, as set out at Appendix 4 to the report;

(vii)  Maintain the delegated authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Growth and Investment, to proportionally amend the counterparty lending limits agreed within the Treasury Management Strategy Statement to take account of any increase in cash from borrowing and any subsequent decrease in cash balances as payments are made to the Special Purpose Vehicle;

(viii)  Agree to review the delegated responsibility as part of the 2017/18 Treasury Management Outturn Report;

(ix)  Approve a loan of up to £3.5m to Be First, which is the new Council-owned company to manage the delivery of the Borough regeneration agenda;

(x)  Approve a loan of up to £150,000 for Traded Services;

(xi)  Agree to delegate authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Growth and Investment, to agree contractual terms, including the rate, duration and security as part of the loan agreements with Be First and Traded Services; and

(xii)  Note that further reports would be presented to the Cabinet in the event that the required working capital loans for Be First and Traded Services exceed the limits set out above.