Issue - meetings

The Portfolio Holder for Corporate Governance, Finance and Resources to submit a report which outlines the Council’s prudential indicators for 2023/24 – 2025/26 and sets 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 the Treasury Management Strategy as outlined in Appendix A be approved.

3)    RECOMMENDED to Council the Minimum Revenue Provision (MRP) Statement which sets out the Council’s Policy on MRP be approved as outlined in para 5.4.

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

The Director for Corporate Services introduced the report the purpose of which outlined the Council’s prudential indicators for 2023/24-2025/26 setting out the expected treasury operations for this period, fulfilling four key legislative requirements. The report meets the requirements of both the CIPFA Code of Practice on Treasury Management and the CIPFA Prudential Code for Capital Finance in Local Authorities. The Council is required to comply with both codes through Regulations issued under the Local Government Act 2003.

The Portfolio Holder for Corporate Governance, Finance and Resources thanked the Director for Corporate Services and her team for the preparation of Treasury Management Strategy and outlined the recommendations.

Cabinet:

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

2)    RECOMMENDED to Council the Treasury Management Strategy as outlined in Appendix A be approved.

3)    RECOMMENDED to Council the Minimum Revenue Provision (MRP) Statement which sets out the Council’s Policy on MRP be approved as outlined in para 5.4.

4)    NOTED the linkages to the Capital Strategy due to the integral nature of how the Council managed 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 a minimum number of prudential indicators.