Issue - meetings

The Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2021 Edition (the CIPFA Code) requires the Authority to approve a treasury management strategy before the start of each financial year. This report fulfils that obligation.

The Council considered a report which fulfilled the Authority’s legal obligation under the Local Government Act 2003 to have regard to the CIPFA Code to approve a treasury management strategy before the start of each financial year.

This report was scrutinised by the Corporate Audit Committee at the 7th February 2023 meeting, and reported to Cabinet on 9th February 2023.

On a motion from Councillor Richard Samuel, seconded by Councillor Mark Elliott, it was unanimously

RESOLVED to agree to;

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

2.  Note the Treasury Management Indicators detailed in Appendix 1,  and

3.  Approve the adoption of the Treasury Management Clauses (Appendix 3).

To consider the attached report regarding the Council’s Treasury Management Strategy Statement.  The Authority is required to approve a treasury management strategy before the start of each financial year.

Cllr Richard Samuel introduced the report and moved the officer recommendations.  He informed members that the report refreshed the Treasury Strategy ahead of presentation to full Council for approval.  It revises some indicators and introduces some new requirements that follow revisions to the CIPFA Code of Guidance.  It also brings the Council’s investment approach up to date in the light of market movements over the past 12 months.

Cllr Tom Davies seconded the motion.

RESOLVED: (unanimously):

(1)  To recommend the actions proposed within the Treasury Management Strategy Statement (Appendix 1 of the report) to February Council.

(2)  To note the Treasury Management Indicators detailed in Appendix 1 of the report.

(3)  To recommend Council to approve the adoption of the Treasury Management Clauses (Appendix 3 of the report).

(4)  To note the Treasury Management Indicators detailed in Appendix 1 of the report and to delegate authority for updating the indicators prior to approval at Full Council on 21^st February 2023 to the Chief Finance Officer and Cabinet Member for Resources, in light of any changes to the recommended budget as set out in the Budget Report.

(5)  To note that any comments made by the Corporate Audit Committee at their meeting on 7^th February 2023 will be reported to Full Council on the 21^st February 2023.