The Cabinet Member for Finance presented the Council’s draft Treasury Management Strategy Statement (TMSS) for 2013/14.
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.
Cabinet agreed to recommend the Assembly to approve the Treasury Management Strategy Statement for 2013/14 attached at Appendix 1 to the report, and in doing so:
(i) The current treasury position for 2012/13 and prospects for interest rates, as referred to in sections 6 and 7 of Appendix 1;
(ii) The revised Authorised Borrowing Limit (General Fund and HRA) of £502m for 2012/13, which includes an estimated £15m borrowing to finance the 2012/13 Capital Programme;
(iii) The Council’s Borrowing Strategy, Debt Rescheduling Strategy and Policy on borrowing in advance of need for 2013/14, including the effects on treasury management of Housing Revenue Account reform, as referred to in sections 9 - 12 of Appendix 1;
(iv) The Minimum Revenue Policy Statement for 2013/14 setting out the Council’s policy on repayment of debt as set out in Appendix 1C;
(v) The Authorised Borrowing Limit (General Fund and HRA) of £499m for 2013/14, 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;
(vi) The Treasury Management Indicators and Prudential Indicators for 2013/14, as set out in Appendix 1B; and
(vii) The Annual Investment Strategy and Creditworthiness Policy for 2013/14 outlining the investments that the Council may use for the prudent management of its investment balances, as set out in Appendix 1D.