Issue - meetings

Treasury management strategy 2022/23

Meeting: 17/02/2022 - Council (Item 70)

70 Treasury Management and Investment Strategy 2022/23 pdf icon PDF 922 KB

Cabinet, at its meeting on 3 February 2022, considered the attached report of the head of finance on the council’s treasury management and investment strategy for 2022/23.

 

The Joint Audit and Governance Committee considered the report at its meeting on 25 January 2022 and had not recommended any adjustments to the strategy. 

 

RECOMMENDATION: to

1.    approve the treasury management strategy 2022/23, as set out in appendix A to
the head of finance’s report to Cabinet on 3 February 2022;

 

2.    approve the prudential indicators and limits for 2022/23 to 2024/25, as set out in appendix A to the report; 

 

3.    approve the annual investment strategy 2022/23 set out in appendix A to the report,and the lending criteria detailed in table 6.

 

Minutes:

Council considered Cabinet’s recommendation, made at its meeting on 3 February 2022, on the council’s treasury management and investment strategy for 2022/23.

 

Councillor Rawlins, Cabinet member for finance, reported that several changes were proposed to the strategy, designed to widen the scope of the available instruments the council can invest in with the aim of achieving an increase in yield whilst still maintaining the primacy of security and liquidity in determining where to place the council’s investments. 

 

The Joint Audit and Governance Committee had considered the report at its meeting on 25 January 2022 and had not recommended any adjustments to the strategy and resolved to recommend Cabinet to approve the treasury management strategy, the prudential indicators and limits for 2022/23 to 2024/25 and the annual investment strategy 2022/23 as set out in the report. 

 

Cabinet agreed to recommend Council to approve the strategy. 

 

RESOLVED: to

 

1.    approve the treasury management strategy 2022/23 set out in appendix A to the head of finance’s report to Cabinet on 3 February 2022;

2.    approve the prudential indicators and limits for 2022/23 to 2024/25 as set out in, appendix A to the report; and

3.     approve the annual investment strategy 2022/23 set out in appendix A to the report,and the lending criteria detailed in table 6.

 

 


Meeting: 03/02/2022 - Cabinet (Item 81)

81 Treasury management and investment strategy 2022/23 pdf icon PDF 922 KB

To consider the head of finance’s report. 

Minutes:

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:

 

(a)       approve the treasury management strategy 2022/23, as set out in appendix A to
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.


 

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