Issue - meetings

The Cabinet Member for Finance, Performance and Core Services presented the draft Treasury Management Strategy Statement (TMSS) for 2022/23 which, in accordance with the requirements of the Local Government Act 2003, set out the Council’s borrowing, investment and funding plans for the year ahead. The report was considered and endorsed by the Cabinet at its meeting on 21 February 2022.

The Cabinet Member summarised the report, highlighting the excellent work of the Council’s Treasury team.  The report also underpinned and enabled the Council to deliver on its aspirational development programmes through sound investments and loans.

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

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

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

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

(vi)   Approved 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)   Approved 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)   Noted that changes made to the Prudential Code and Treasury Management Code, published in December 2021, would be fully implemented for the 2023/24 TMSS; and

(ix)   Delegated 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.

The Cabinet Member for Finance, Performance and Core Services introduced a report on the Treasury Management Strategy Statement 2022/23 which set out the Council’s borrowing, investment and funding plans for the year ahead.

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.