Agenda item

To consider the Treasury Management Strategy 2019/20.

The Lead Specialist Finance presented the Treasury Management Strategy. 

During the discussion of this item the following points were made:

·         Under the Council’s Constitution the Audit Committee was required to agree the Treasury Management Strategy and policies prior to recommendations being made to the Executive and Council.  Councillor Smith questioned why this was the case and suggested that this be reviewed by the Constitution Review Working Group.

·         The Lead Specialist Finance highlighted that the length of time the Council could invest with other local authorities had increased to 732 days.  Local authorities were underwritten by central government.

·         The Council’s commercial activities had been split out, increasing openness.

·         In response to a question from Councillor Sargeant, the Lead Specialist Finance explained why elements of the Minimum Revenue Policy deviated from statutory guidance.

·         Members identified a number of spelling and casting errors and asked that these be amended.

·         Councillor Smith commented that the Treasury Mid Term report had identified that there had been delays in some areas such as the delivery of infrastructure and the provision of affordable housing, meaning that spending against those projects had been pushed back.  He went on state that it would be useful to see information regarding a range of scenarios on the Council’s likely borrowing levels.

RESOLVED:  That

1)         the Audit Committee recommend to Council for approval the following:

a)         Capital Prudential indicators, 2019/20;

b)        Borrowing strategy 2019/20;

c)         Annual Investment Strategy 2019/20;

d)         Flexible use of capital receipts strategy; 

e)         MRP policy; and

f)          Treasury indicators: limits to borrowing activity 2019/20

Subject to the amendment of various spelling and casting errors and the inclusion of information regarding potential borrowing scenarios.