Issue - meetings

The Portfolio Holder for Corporate Governance, Finance and Resources to submit a report outlining the Council’s prudential indicators for 2022/23 – 2024/25 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 that delegated authority is given to the Director for Corporate Services to update the prudential indicators once the updated HRA business plan has been approved as referred to in paragraph 5.2 of the report.

3)    RECOMMENDED to Council they approve the Treasury Management Strategy as outlined in Appendix A.

4)    RECOMMENDED to Council the Minimum Revenue Provision (MRP) Statement, as outlined in paragraph 5.4 of the report, is approved.

5)    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 Director for Corporate Services introduced the report, following which the Portfolio Holder for Corporate Governance, Finance and Resources provided Cabinet with some comments on the report. It was noted that the Portfolio Holder and the Director for Corporate Services would be collaborating to work out what the requirements of the new prudential code would mean for the Council.

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 that delegated authority is given to the Director for Corporate Services to update the prudential indicators once the updated HRA business plan has been approved as referred to in paragraph 5.2 of the report.

3)    RECOMMENDED to Council they approve the Treasury Management Strategy as outlined in Appendix A.

4)    RECOMMENDED to Council the Minimum Revenue Provision (MRP) Statement, as outlined in paragraph 5.4 of the report, is approved.

5)    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 the 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 a minimum number of prudential indicators.