Agenda item

The Cabinet Member for Finance presented the Council’s draft Treasury Management Strategy Statement (TMSS) for 2014/15.

The Cabinet Member advised that the overall TMSS included details of the proposed borrowing limit for the year and a range of other aspects aimed at ensuring that the Council had prudent and robust arrangements in place to meet all of its financial commitments and responsibilities, in line with the requirements of Section 15(1) of the Local Government Act 2003. 

Arising from discussions on issues relating to the ethical nature of the banking industry, the Council’s current cash investment arrangements and the need to explore other opportunities for local authority investments, the Chief Finance Officer undertook to present a discussion paper for Cabinet Members’ future consideration.

Cabinet resolved to recommend the Assembly:

(i)  To adopt the Treasury Management Strategy Statement for 2014/15 attached as Appendix 1 to the report and, in doing so, to:

(a)  Note the current treasury position for 2013/14 and prospects for interest rates, as referred to in sections 6 and 7 of Appendix 1 to the report;

(b)  Approve the Council’s Borrowing Strategy, Debt Rescheduling Strategy and Policy on borrowing in advance of need for 2014/15 as referred to in sections 9 - 12 of Appendix 1 to the report;

(c)  Approve the Authorised Borrowing Limit (General Fund and HRA) of £500m for 2014/15, representing the statutory limit determined by the Council pursuant to section 3(1) of the Local Government Act 2003, as set out in Appendix 1B to the report;

(d)  Approve the Treasury Management Indicators and Prudential Indicators for 2014/15, as set out in Appendix 1B to the report;

(e)  Approve the Minimum Revenue Policy Statement for 2014/15, representing the Council’s policy on repayment of debt, as set out in Appendix 1C to the report; and

(f)  Approve the Annual Investment Strategy and Creditworthiness Policy for 2014/15 outlining the investments that the Council may use for the prudent management of its investment balances, as set out in Appendix 1D to the report.