Issue - meetings

The Executive Board considered the attached report.

RECOMMENDED:

(1)       the policies, strategies and statements outlined in the Treasury Management Strategy be adopted; and

(2)       delegated authority be given to the Operational Director, Financial Services to set the Minimum Revenue Provision repayment periods.

            The Executive Board had considered a report to propose the Treasury Management Strategy for 2009/10 of which was appended to the report which detailed the following:

• treasury management limits for 2009/10-2011-12;
• current portfolio position;
• borrowing requirement;
• prospect for interest rates;
• capital borrowings and the borrowing portfolio strategy;
• annual investment strategy;
• debt re-scheduling;
• minimum revenue provision;
• prudential indicators;
• interest rate forecasts; and
• economic rate background.

It was noted that the production and adoption, of the Treasury Management Strategy, by Council was a requirement of the CIPFA Code of Practice on Strategy Management.

RESOLVED: That

1)     the Council adopt the policies and statements outlined in the Treasury Management Strategy; and

2)     delegated authority be given to the Operational Director Financial Services to set the Minimum Revenue Provision repayment periods.

The Board considered a report of the Operational Director – Financial Services proposing the Treasury Management Strategy for 2009/10.

The Treasury Management Strategy Statement was shown in Appendix A to the report and detailed the expected activities of the Treasury function in the forthcoming financial year (2009/10).

The Local Government Act 2003 required the Council to “have regard to” the Prudential Code and to set Prudential indicators for the next three years to ensure that the Council’s capital investment plans were affordable, prudent and sustainable. The Act therefore required the Council to set out its Treasury Strategy for borrowing as well as an Investment Strategy, which set out the Council’s policies for managing its investments and for giving priority to the security and liquidity of those investments.

Members noted that a new requirement for 2009/10 was the production of a minimum revenue provision policy statement: there was a detailed explanation of why this was required within the Strategy, together with a formal statement for approval.

RESOLVED: That

(1)       the Council adopt the policies, strategies and statements outlined in the Treasury Management Strategy; and

(2)            delegated authority be given to the Operational Director – Financial Services, in consultation with the Corporate Services Portfolio Holder, to set the Minimum Revenue Provision repayment periods.