Cabinet resolved to recommend the Assembly to:
i) Note the current treasury position for 2023/24 in section 4 and prospects for interest rates, as referred to in section 8 of the report;
(ii) Approve the Annual Investment Strategy 2023/24 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 2023/24 to 2025/26, as set out in Appendix 2 to the report;
(iv) Note that the Capital Strategy 2023/24, incorporating the Investment and Acquisitions Strategy, shall be updated and presented for approval in April 2023;
(v) Approve the Capital Prudential and Treasury Indicators 2022/23 – 2024/25, as set out in Appendix 3 to the report;
(vi) Approve the Operational Boundary Limit of £1.85bn and the Authorised Borrowing Limit of £1.95bn for 2023/24, 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 revised Minimum Revenue Provision Policy Statement for 2023/24; 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, have been fully implemented for the 2023/24 TMSS;
(ix) Note the Liability benchmark data in section 11 of the report, including the impact of schemes agreed in 2022 but also the impact of pipeline schemes on the amount of borrowing required by the Council; and
(x) Delegate authority to the Strategic Director, Finance and Investment, in consultation with the Cabinet Member for Finance, Growth 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.