Issue - meetings

To receive a report from the Cabinet on recommendations referred to Council in relation to the Treasury Management Strategy 2024/25.

At 9:30pm, prior to the consideration of this item, Councillors Carter and Gordon returned to the meeting.

The Portfolio Holder for Corporate Finance, Property and Resources introduced the report and moved the recommendation. The Leader seconded the motion.

RESOLVED

Council

(1)  Approved that the prudential indicators and limits are adopted as outlined in Appendix A section 2.

(2)  Approved the Treasury Management Strategy as outlined in Appendix A.

(3)  Approved that the Minimum Revenue Provision (MRP) Statement which sets out the Council’s policy on MRP as outlined in para 5.3 of Appendix 1.

(For 25, Against 1, Abstentions 0)

At 9:32pm, during the consideration of this item, Councillor Evans left the meeting and missed the vote.

A report outlining the Council’s prudential indicators for 2024/25 – 2026/27 and setting out the expected treasury operations for this period.

Cabinet:

1)       RECOMMENDED to Council the prudential indicators and limits are adopted and approved as outlined in Appendix A section 2.

2)       RECOMMENDED to Council to approval of the Treasury Management Strategy as outlined in Appendix A.

3)       RECOMMENDED to Council the Minimum Revenue Provision (MRP) Statement which sets out the Council’s policy on MRP is approved as outlined in para 5.3.

4)       NOTED the linkages to the Capital Strategy due to the integral nature of how the Council manages its treasury finances to support capital development.

The Portfolio Holder for Corporate Finance, Property and Resources introduced the report, the purpose of which outlined the Council’s prudential indicators for 2024/25 – 2026/27 setting out the expected treasury operations for this period.

The Portfolio Holder for Corporate Finance, Property and Resources advised Melton Borough Council, had held a good financial position, in comparison to other councils, with financial investments and borrowing and would be securing and locking-in investments during the year, whilst the interest rates are still high to generate income.

The Portfolio Holder for Corporate Finance, Property and Resources thanked the finance team for the Investment Portfolio and the Treasury Strategy.

Cabinet:

1)       RECOMMENDED to Council the prudential indicators and limits are adopted and approved as outlined in Appendix A section 2.

2)       RECOMMENDED to Council to approval of the Treasury Management Strategy as outlined in Appendix A.

3)       RECOMMENDED to Council the Minimum Revenue Provision (MRP) Statement which sets out the Council’s policy on MRP is approved as outlined in para 5.3.

4)       NOTED the linkages to the Capital Strategy due to the integral nature of how the Council manages its treasury finances to support capital development.

Reasons for Recommendations:

The Treasury Management Code requires the Council to approve annually a Treasury Management Strategy and to provide a mid-year update on Treasury Management activities to the Council. It is a requirement that Treasury Management is scrutinised during the year which falls within Cabinet’s remit.

To facilitate the decision-making process and support capital investment

decisions, the Prudential Code requires the Council to agree and monitor a

minimum number of prudential indicators.