Issue - meetings

The Council has adopted the CIPFA Treasury Management in Public services Code of Practice, and is therefore required to approve a Treasury Management Strategy before the start of each financial year and for this to be subject to scrutiny.  A revised version of the Code was published in November 2011 in light of the additional financial freedoms available to local authorities in the Localism Act 2011.  The Council will therefore be asked to adopt the revised Code.  The Department for Communities and Local Government also 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.  It will be scrutinised by the Corporate Audit Committee at its 7th February 2012 meeting, following which any recommendations will be reported back as an update to this report.

Councillor David Bellotti, in proposing the item, emphasised that the council was very fortunate to have such high quality finance officers.  He reminded Cabinet that proper Treasury Management underpinned the whole budget.

Councillor Paul Crossley seconded the proposal.

On a motion from Councillor David Bellotti, seconded by Councillor Paul Crossley, it was

RESOLVED (unanimously)

(1) To RECOMMEND that Council approves the actions proposed within the Treasury Management Strategy Statement;

(2) To RECOMMEND that Council approves the Investment Strategy;

(3) To RECOMMEND that Council approves the changes to the authorised lending lists;

(4) To RECOMMEND that Council approves the adoption of CIPFA’s revised Code of Practice on Treasury Management;

(5) To RECOMMEND that Council approves the revised Treasury Management Policy Statement;

(6) To NOTE the Treasury Management Indicators;

(7) To DELEGATE authority for updating the indicators prior to approval at Full Council on 14th February 2012 to the Divisional Director - Finance and Cabinet Member for Community Resources, in light of any changes to the recommended budget as set out in the Budget Report elsewhere on the agenda for this meeting.