Issue - meetings

Cabinet, at its meeting on 12 February 2018, will consider a report on the council’s treasury management strategy (TMS) for 2018/19 to 2020/21 and set out the expected treasury operations for this period.

The Joint Audit and Governance Committee considered the report at its meeting on 29 January 2018 and did not recommend any adjustments to the strategy. 

The report of the head of finance, which Cabinet will consider on 12 February 2018, is attached. Cabinet recommendations will be circulated to all councillors prior to the Council meeting.

Council considered Cabinet’s recommendations, made at its meeting on 12 February 2018, on the council’s treasury management strategy and investment strategy for 2018/19 to 2020/21. An addendum which set out changes to paragraph 11 of the report proposing changes to the maturity period and adjustments to the total investment levels was circulated prior to the meeting.

The Joint Audit and Governance Committee considered the report at its meeting on 29 January 2018 and recommended that the head of finance should consult the co-chair of Joint Audit and Governance Committee before investing in any Non-UCITS Retail Scheme.  Cabinet supported the proposed strategy with the amendments as well as the recommendation of the Joint Audit and Governance Committee. 

RESOLVED: to

1.    approve the treasury management strategy 2018/19 set out in appendix A to the head of finance’s report to Cabinet on 12 February 2018 and the addendum to the report; 

2.    approve the prudential indicators and treasury limits for the period 2018/19 to 2020/21 as set out in table 2, appendix A to the head of finance’s report to Cabinet on 12 February 2018; and

3.    approve the annual investment strategy set out in appendix A (paragraphs 18 to 59), subject to the head of finance consulting the co-chair of Joint Audit and Governance Committee before investing in any Non-UCITS Retail Scheme, and the lending criteria detailed in table 5 to the head of finance’s report to Cabinet on 12 February 2018. 

To consider the head of finance’s report. 

Cabinet considered the report of the head of finance and an addendum, which recommended adoption of the treasury management and investment strategy 2018/19.  The council was required to adopt a strategy each year, setting out how the treasury service would operate and how it would support the council’s capital investment decisions.  It also set limitations on treasury management activity governed by the prudential indicators.  The report and the addendum set out the proposed changes to the strategy. 

The Joint Audit and Governance Committee had considered the report and recommended that the head of finance should consult the co-chair of Joint Audit and Governance Committee before investing in any Non-UCITS Retail Scheme.  Cabinet supported the proposed strategy and the amendments as well as the recommendation of the Joint Audit and Governance Committee. 

RECOMMENDED: to Council to

(a)      approve the treasury management strategy 2018/19 set out in appendix A to the head of finance’s report to Cabinet on 12 February 2018 and the addendum to the report;

(b)      approve the prudential indicators and treasury limits for the period 2018/19 to 2020/21 as set out in table 2, appendix A to the head of finance’s report to Cabinet on 12 February 2018; and

(c)       approve the annual investment strategy set out in appendix A (paragraphs 18 to 58), subject to the head of finance consulting the co-chair of Joint Audit and Governance Committee before investing in any Non-UCITS Retail Scheme, and the lending criteria detailed in table 5 to the head of finance’s report to Cabinet on 12 February 2018.