Issue - meetings

This report fulfils the Council’s legal obligation under the Local Government Act 2003 to have regard to both the CIPFA Code and the CLG Guidance in approving a Treasury Management Strategy and an Investment Strategy before the start of each financial year.

The Council considered a report seeking approval for the Treasury Management Strategy and the Investment Strategy.

On a motion from Councillor Charles Gerrish, seconded by Councillor Brian Simmons, it was

RESOLVED

1.  To approve the actions proposed within the Treasury Management Strategy statement (Appendix 1 of the report);

2.  To approve the Investment Strategy as detailed in Appendix 2 of the report; and

3.  That decisions to borrow from the Local Government Association (LGA) Bond Agency, as detailed in Appendix 1 to the report, are delegated to the Chief Finance Officer in consultation with the Cabinet Member for Finance and Efficiency.

[Notes;

1.  The above resolution was carried with one abstention from Councillor Lin Patterson and all other Councillors voting in favour.]

In February 2012, the Council adopted the revised CIPFA Treasury Management in Public services Code of Practice 2011 Edition, which requires the Council to approve a Treasury Management Strategy before the start of each financial year and for this to be scrutinised by an individual / group of individuals or committee.

In addition, the Department for Communities and Local Government (CLG) issued revised guidance on local authority investments in March 2010 that requires the Council to approve an investment strategy before the start of each financial year.

This report fulfils the Council’s legal obligation under the Local Government Act 2003 to have regard to both the CIPFA Code and the CLG Guidance.

Councillor Andrew Furse commented that this was an improvement from previous years.

Councillor Charles introduced the report by saying that this report fulfils the Council’s legal obligation under the Local Government Act 2003 to have regard to both the CIPFA Code and the CLG Guidance. The suggested strategy for 2017/18 was based on the Treasury Officers’ views on interest rates, supplemented with leading market forecasts provided by the Council’s treasury advisor.

Councillor Charles Gerrish moved the recommendations.

Councillor Tim Warren seconded the motion. 

RESOLVED (unanimously) that the Cabinet agreed to:

1.  Recommend the actions proposed within the Treasury Management Strategy Statement (Appendix 1).

2.  Recommend the Investment Strategy as detailed in Appendix 2.

3.  Recommend to February Council for approval that decisions to borrow from the Local Government Association (LGA) Bond Agency, as detailed in Appendix 1, are delegated to the Chief Finance Officer in consultation with the Cabinet Member for Finance & Efficiency.

4.  Note the Treasury Management Indicators detailed in Appendix 1 and delegate authority for updating the indicators prior to approval at Full Council on 14th February 2017 to the Chief Finance Officer and Cabinet Member for Finance & Efficiency, in light of any changes to the recommended budget as set out in the Budget Report elsewhere on the agenda for this meeting.