Cabinet considered the head of finance’s report regarding a treasury management and investment strategy for 2022/23.
The Cabinet member for finance reported that several changes were proposed to the strategy, including:
· increases to counterparty limits
· an increased limit for Short Dated/Ultra Short Dated Bond Funds
· inclusion of bonds with the existing limits for corporate bonds
· an increase to the maximum portfolio percentage to 100 per cent for local authority and UK Government deposits
· an increase to the portfolio limit for deposits under one year
· a reduction in the maturity limit for local authority deposits
· removal of the non-treasury management property-related investment category
· enabling deposits to be placed with foreign financial institutions
· an increase to the variable interest rate exposure prudential indicator limit to reflect the increased level of cash balances and to allow greater use of funds with variable rate returns
The Joint Audit and Governance Committee had supported the strategy; Cabinet concurred as the revised strategy would allow the council greater flexibility.
RECOMMENDED to Council to:
approve the treasury
management strategy 2022/23, as set out in appendix A
the head of finance’s report to Cabinet on 3 February 2022;
(b) approve the prudential indicators and limits for 2022/23 to 2024/25, as set out in appendix A to the report;
(c) approve the annual investment strategy 2022/23 set out in appendix A to the report,and the lending criteria detailed in table 6.