Agenda item

To consider the recommendations made by Cabinet since the last ordinary Council Meeting:

1.1.Treasury Management Strategy Statement, Capital Strategy, Minimum Revenue Provision Policy Statement and Annual Investment Strategy 2020/2021

1.2.Quarter 3 Financial Performance 2019/20

1.     Treasury Management Strategy Statement

Madam Deputy Mayor invited Councillor Hall, the Cabinet Member for Finance & Resources to move the recommendations referred by Cabinet on 24 February 2020 related to the Treasury Management Strategy Statement, Capital Strategy, Minimum Revenue Provision Policy Statement and Annual Investment Strategy 2020/21. The Cabinet Member highlighted the forecast borrowings evolution noting that this was for the provision of essential services, the development of Bernard Weatherill House and to build schools that were not properly funded. The level of debt was necessitated by the reduction in Council income streams. Borrowing would also be used to invest and generate additional income for the Council.

The recommendations were seconded by Councillor Patsy Cummings and Madam Deputy Mayor put the recommendations to the vote.

RESOLVED: Council AGREED the recommendations in the report:

1.1.          Approved the Treasury Management Strategy Statement 2020/21 as set out in the covering report (at Appendix 7.1) including the recommendations:

1.1.1.     That the Council takes up borrowing requirements as set out in paragraph 4.5 of the covering report (at Appendix 7.1).

1.1.2.     That for the reasons detailed in paragraph 4.14 of the covering report (at Appendix 7.1), 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 2019/2023.

1.1.3.     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.

1.2.          That the Council adopts the Annual Investment Strategy as set out in paragraphs 4.16 and 4.17 of the covering report (at Appendix 7.1).

1.3.          That the Authorised Limit (required by Section 3 of the Local Government Act 2003) as set out in paragraph 4.10 of the covering report (Appendix 7.1) and as detailed in Appendix 7.1C be as follows:

1.1.          That the Council approved the Prudential Indicators as set out in Appendix 7.1C.

1.2.          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 7.1D of this report.

1.3.          That the Council’s authorised counterparty lending list as at 31st December 2019 as set out in Appendix 7.1E of this report and the rating criteria set for inclusion onto this list be approved.

1.4.          That the Council adopts the Capital Strategy Statement set out in section 3 of the covering report (at Appendix 7.1).

2.     Quarter 3 Financial Performance

Madame Deputy Mayor invited Councillor Hall to move the recommendation in the report. Councillor Hall moved the recommendation with Councillor Patsy Cummings seconding.

Madam Deputy Mayor put the recommendation to the vote.

RESOLVED: Council AGREED the recommendation in the report:

2.1.          The approval to reduce the capital programme by £1.2m as set out in Table 6 of the covering report at Appendix 7.2.