Issue - meetings

At its meeting on 4 January 2023 the Executive Committee considered the Treasury and Capital Management policies and RECOMMENDED TO COUNCILthat the following be ADOPTED:

·         The Capital Strategy 2023/24.

·         The Investment Strategy 2023/24.

·         Minimum Revenue Provision Statement 2023/24.

·      Treasury Management Strategy 2023/24.

67.4          At its meeting on 4 January 2023, the Executive Committee had considered a suite of treasury and capital management documents and recommended to Council that the following be adopted: Capital Strategy 2023/24; Investment Strategy 2023/24; Minimum Revenue Provisions Statement 2023/24; and Treasury Management Strategy 2023/24.

67.5          The report which was considered by the Executive Committee had been circulated with the Agenda for the current meeting at Pages No. 39-72.

67.6          The Chair of the Executive Committee proposed the recommendation and the Vice-Chair seconded it.

67.7          In response to a query as to whether there was anything which Members should be made particularly aware of, the Head of Finance and Asset Management advised that the papers outlined the Council’s approach which was managed by the Finance Manager and her team and there was nothing which gave him any concern.

67.8          Accordingly, it was

RESOLVED           That the following strategies and statements be ADOPTED:

·        Capital Strategy 2023/24

·        Investment Strategy 2023/24

·        Minimum Revenue Provision Statement 2023/24

·        Treasury Management Strategy 2023/24 

To recommend approval to Council of a range of statutorily required polices and strategies relating to treasury and capital management. 

That it be RECOMMENDED TO COUNCIL that the following be ADOPTED:

·         The Capital Strategy 2023/24.

·         The Investment Strategy 2023/24.

·         Minimum Revenue Provision Statement 2023/24.

·         Treasury Management Strategy 2023/24.

77.1           The report of the Financial Services Manager, circulated at Pages No. 97-130,  attached a number of treasury and capital management strategies and statements which Members were asked to recommend to Council for adoption.

77.2           The Finance Manager explained that the Council was required to have regard to the Prudential Code and to set Prudential Indicators for the next three years to ensure the Council’s capital investment plans were affordable, prudent and sustainable. It was also required to produce an annual Treasury Strategy for borrowing and to prepare an Annual Investment Strategy setting out the Council’s policies for managing its investments and for giving priority to security and liquidity of those investments - the government had changed the emphasis on borrowing in advance to invest which was now prohibited. The Capital Strategy linked borrowing and how the Council undertook capital investments prudently and proportionally whilst the Investment Strategy was an oversight document to ensure when investments were made the correct policies and procedures were in place to manage the risk of security and liquidity. The recent internal audit of treasury management had been very good with the team receiving a glowing report.

77.3           A Member expressed thanks to the work of the Finance team and all it had done to keep the Council’s finances balanced, particularly the commercial property portfolio which had been built up to help the Council’s budgetary position. Another Member questioned whether the capital expenditure figure for 2023/24 in Table 1 of the Capital Strategy was £9.96million due to the funding of the Ashchurch Bridge. In response, the Head of Finance and Asset Management indicated that this was related to the bridge as well as the waste vehicle fleet replacement etc.

77.4           Accordingly, it was