Issue - meetings

The CIPFA Treasury Management in Public Services Code of Practice requires the Council to approve a Treasury Management Strategy before the start of each financial year.  The Local Government Act 2003 requires the Council to set Prudential Indicators for the next three years to ensure that the Council’s capital investment plans are affordable, prudent and sustainable; to set out its Treasury Strategy for borrowing; and to prepare an Annual Investment Strategy.  This report sets out the Council’s policies for managing its investments and for giving priority to the security and liquidity of those investments.

Councillor Malcolm Hanney introduced the item and proposed the recommendations.  He referred to the table of non-specified investment limits on page 15 of Appendix 2, and explained the table should include Long-term credit rating A+ for 2 years for UK counterparties.

Councillor Charles Gerrish seconded the proposal.

Rationale

Report is a statutory requirement

Other Options Considered

None

On a motion from Councillor Malcolm Hanney, seconded by Councillor Charles Gerrish, it was

RESOLVED (unanimously):

(1) To RECOMMEND the actions proposed within the Treasury Management Strategy Statement to February Council for approval;

(2) To RECOMMEND the borrowing and debt rescheduling strategy to February Council for approval;

(3) To RECOMMEND the Investment Strategy to February Council for approval;

(4) To RECOMMEND the proposed changes to the authorised lending lists to February Council for approval;

(5) To NOTE the Prudential Indicators and delegate authority for updating the indicators prior to approval at Full Council on 16th February 2010 to the Divisional Director - Finance and Cabinet Member for Resources, in light of any changes to the recommended budget.