Agenda item

Officer: Lisa Taylor

Key decision: no

The Leader of the Council delegated authority to the Cabinet to make the following decisions.

RESOLVED:

That Cabinet recommend to Full Council that it approve:

1.    The Treasury Management Policy Statement 2019/2020 as set out in the report including the recommendations:

a.    That the Council takes up the balance of its 2018/2019 borrowing requirement and future years’ borrowing requirements, as set out in paragraph 4.5 of the report.

b.    That for the reasons detailed in paragraph 4.14 of the report, opportunities for debt rescheduling are reviewed throughout the year by the Director of Finance, Investment and Risk (S151 Officer) and that, she be given delegated authority, in consultation with the Cabinet Member for Finance and Resources and in conjunction with the Council’s independent treasury advisers, to undertake such rescheduling only if revenue savings or additional cost avoidance can be achieved at minimal risk in line with organisational considerations and with regard to the Housing Revenue Account (HRA) as set out in the Council’s Medium Term Financial Strategy 2018/2022.

c.    That delegated authority be given to the Director of Finance, Investment and Risk (S151 Officer) in consultation with the Cabinet Member for Finance and Resources, to make any necessary decisions to protect the Council’s financial position in light of market changes or investment risk exposure.

d.    That the Council adopts the 2017 edition of the revised Treasury Management Code of Practice and Prudential Code issued by CIPFA in December 2017.

2.    That the Council adopts the Annual Investment Strategy as set out in paragraph 4.16 and 4.17 of the report. 

3.    That the Authorised Borrowing Limits (required by Section 3 of the Local Government Act 2003) as set out in paragraph 4.18 and as detailed in  Appendix C of the repot be as follows:

2019/2020                   2020/2021                 2021/2022

£1,486.05m                 £1,550.30m              £1,615.40m

4.    That the Council approve the Prudential Indicators as set out in Appendix C of the report.

5.    The Annual Minimum Revenue Provision Policy Statement (required by the Local Authorities (Capital Financing and Accounting) (England) (Amendment) Regulations 2008SI 2008/414) as set out in Appendix D of the report.

6.    That the Council’s authorised counterparty lending list as at 31 December 2018 as set out in Appendix E of the report and the rating criteria set for inclusion onto this list be approved.

7.    That the Council adopts the Capital Strategy Statement set out in section 3 of the report.

In response to Member questions the Cabinet Member for Finance & Resources confirmed the Section 151 Officer would be able to provide details in relation to the authorised borrowing limit; however it was felt that it was right to borrow to enable investment in the borough; such as in Fairfield Halls, SEN school provision, and temporary accommodation. It was noted that the benefits from investments were realised. The Cabinet Member further stated that details in relation to any borrowing which had been reclassified in line with the Minimum Revenue Provision Statement and any decision taken under delegated authority in relation to this would be provided by the S151 Officer after the meeting.

The Leader of the Council delegated authority to the Cabinet to make the following decisions.

RESOLVED:

That Cabinet recommend to Full Council that it approve:

1.    The Treasury Management Policy Statement 2019/2020 as set out in the report including the recommendations:

a.    That the Council takes up the balance of its 2018/2019 borrowing requirement and future years’ borrowing requirements, as set out in paragraph 4.5 of the report.

b.    That for the reasons detailed in paragraph 4.14 of the report, opportunities for debt rescheduling are reviewed throughout the year by the Director of Finance, Investment and Risk (S151 Officer) and that, she be given delegated authority, in consultation with the Cabinet Member for Finance and Resources and in conjunction with the Council’s independent treasury advisers, to undertake such rescheduling only if revenue savings or additional cost avoidance can be achieved at minimal risk in line with organisational considerations and with regard to the Housing Revenue Account (HRA) as set out in the Council’s Medium Term Financial Strategy 2018/2022.

c.    That delegated authority be given to the Director of Finance, Investment and Risk (S151 Officer) in consultation with the Cabinet Member for Finance and Resources, to make any necessary decisions to protect the Council’s financial position in light of market changes or investment risk exposure.

d.    That the Council adopts the 2017 edition of the revised Treasury Management Code of Practice and Prudential Code issued by CIPFA in December 2017.

2.    That the Council adopts the Annual Investment Strategy as set out in paragraph 4.16 and 4.17 of the report. 

3.    That the Authorised Borrowing Limits (required by Section 3 of the Local Government Act 2003) as set out in paragraph 4.18 and as detailed in  Appendix C of the repot be as follows:

2019/2020                   2020/2021                 2021/2022

£1,486.05m                 £1,550.30m              £1,615.40m

4.    That the Council approve the Prudential Indicators as set out in Appendix C of the report.

5.    The Annual Minimum Revenue Provision Policy Statement (required by the Local Authorities (Capital Financing and Accounting) (England) (Amendment) Regulations 2008SI 2008/414) as set out in Appendix D of the report.

6.    That the Council’s authorised counterparty lending list as at 31 December 2018 as set out in Appendix E of the report and the rating criteria set for inclusion onto this list be approved.

7.    That the Council adopts the Capital Strategy Statement set out in section 3 of the report.