Agenda item

Treasury Management Policy and Strategy 2023-24 (Agenda item 11)

Report of Councillor Phil Cowen, Executive Member for Finance, Revenue & Benefits.


Councillor Cowen, the Executive Member for Finance, Revenue & Benefits presented the report.


The Council was obliged to review and agree its Treasury Management Strategy each year and reflect any changes that might be required as a consequence of guidance received from the Chartered Institute of Public Finance & Accountancy (CIPFA.  He advised that the CIPFA guidance was not actually ‘guidance but a requirement placed upon authorities.


The report outlined the Council’s Prudential Indicators for 2023-24 to 2025-26 and set out the expected treasury operations for this period and approval was being requested for the Treasury Management Policy, Strategy and Prudential Indicators for 2023-24 to 2025-26.


Councillor Birt asked if the low cost of the funding provided by the Public Loans Works Board (PLWB) could be investigated further to assist with the Council’s carbon reduction plans. He pointed out that the charges on these loans were lower than inflation and such loans could help to assist with the Council’s vision to be carbon neutral by 2035.


Councillor Cowen understood exactly what Councillor Birt was saying but Alison Chubbock, the Assistant Director of Finance & S151 Officer would, if asked, advise Members of the rules and regulations of local authority borrowing.


Councillor Kybird pointed out that this matter had been discussed at the Governance & Audit Committee meeting and in regard to PLWB, this Council did not have a need for external funding as the net borrowing requirement could be met through its own resources.


Councillor Cowen then read aloud and proposed the four recommendations which were seconded by Councillor Kybird.


Following a vote which was unanimous, it was:




1)         the Treasury Management Strategy 2023-24 to 2025-26 at Appendix A be approved;


2)         the Minimum Revenue Provision (MRP) statement contained within Appendix A which sets out the Council’s policy on MRP be approved;


3)         the Prudential & Local Indicators and limits contained within Appendix A (Tables 1-11) be approved;


4)         the Investment Strategy 2023-24 (Appendix B) and the detailed criteria included in Appendix B1 be approved; and


5)      the Treasury Management Policy at Appendix B2 be approved.


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