Issue - meetings

Report of the Head of Finance and IT regarding the Treasury Management Strategy and Prudential Limits Mid Year review, attached.  

Report of the Head of Finance and IT (Chief Financial Officer) was submitted concerning the review of the indicators that relate to the Treasury Management Strategy.

RESOLVED

(i)  That any changes to the Council’s Prudential Indicators as detailed within the report be approved;

(ii)  That delegated authority be continued to the Chief Financial Officer, following consultation with the Cabinet Member for Resources, to approve any changes to the Prudential Indicators or borrowing limits that would aid good treasury management.  For example increase the percentage for variable rate borrowing to take advantage of the depressed market for short term rates.  Any amendments to be reported as part of quarterly financial and performance monitoring and in revisions to this strategy;

(iii)  That it be noted that the continued proactive approach to Treasury Management has led to reductions in borrowing costs and safeguarded investment income; and

(iv)  That the action taken in response to the down rating of the Authority’s Bankers, (the Co-operative Bank), as set out in more detail in Confidential Appendix 1 to the report be noted.

Report of the Head of Finance and IT regarding the Treasury Management Strategy and Prudential Limits Mid Year review, attached.  · 

The Committee considered the report of the Head of Finance and IT regarding the Treasury Management Strategy and Prudential Limits Mid Year review.  (Copy of the report circulated with the agenda and appended to the signed minutes).

RESOLVED that:-

(i)  the current and forecast position with regards to these indicators and to endorse any changes be noted;

(ii)  the continued proactive approach to Treasury Management has led to reductions in borrowing costs and safeguarded investment income be noted; and

(iii)  the action taken in response to the down rating of the Authority’s Bankers, (Co-Operative Bank), as set out in the Confidential Appendix to this report be noted.