Issue - meetings

To approve the following recommendations to Full Council for consideration at its meeting on 6 March 2024: the Treasury Management Strategy Statement; the borrowing strategy and borrowing limits for 2024/25 to 2028/29; the Prudential Indicators; the Annual Investment Strategy and approved investments; the Minimum Revenue Provision Policy; and the delegation of authority to the Executive Director of Finance and Resources to proceed with the obtaining of a credit rating and to appoint Link Group, a Treasury consultant, for the purposes of obtaining that rating.

Cabinet approved the following recommendations to Full Council for consideration at its meeting on 6 March 2024:

• Approve the Treasury Management Strategy Statement
• Approve the borrowing strategy and borrowing limits for 2024/25 to 2028/29
• Approve the Prudential Indicators
• Approve the Annual Investment Strategy and approved investments
• Approve the Minimum Revenue Provision Policy set out in Appendix 2; 
• Approve the delegation of authority to the Executive Director of Finance and Resources to proceed with: 
  • the obtaining of a credit rating as set out in the report; and 
  • to appoint Link Group, a Treasury consultant, for the purposes of obtaining that rating. 

Reasons for Decision

The Treasury Management Strategy Statement is an annual report which complies with the Local Government Act 2003, other regulations, and guidance and to ensure that the Council’s borrowing and investment plans are prudent, affordable and sustainable and comply with statutory requirements.

The Chair invited Councillor David Boothroyd to introduce the report. 

Councillor David Boothroyd noted of most importance is that the capital programme is and all borrowing is prudent, and that the plans are ambitious but that borrowing remains within credential indicators and the Council is forecast to remain under borrowed position.

Councillor David Boothroyd highlighted that problems have been encountered due to delays in national audit and it had been agreed that the Council should seek a public credit rating. 

Councillor Ryan Jude asked Gerald Almeroth about timings for the council to obtain the credit rating, and if others have sought this. 

Gerald Almeroth responded that other councils have sought a credit rating to issue a bond, though Westminster is doing this for a different reason and looking at a two to three-month process.

RESOLVED: Cabinet approved the following recommendations to Full Council for consideration at its meeting on 6 March 2024:

• Approve the Treasury Management Strategy Statement
• Approve the borrowing strategy and borrowing limits for 2024/25 to 2028/29
• Approve the Prudential Indicators
• Approve the Annual Investment Strategy and approved investments
• Approve the Minimum Revenue Provision Policy set out in Appendix 2; 
• Approve the delegation of authority to the Executive Director of Finance and Resources to proceed with: 
  • the obtaining of a credit rating as set out in the report; and 
  • to appoint Link Group, a Treasury consultant, for the purposes of obtaining that rating.