Issue - meetings

Report of the Chief Financial Officer regarding the Treasury Management Strategy and Prudential Limits Mid Year review, attached.

The report of the Chief Financial Officer was submitted regarding the Treasury Management Strategy and Prudential Limits Mid Year review (copy of report circulated with agenda and appended to signed minutes).

RESOLVED

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

(ii)  that continued delegated authority be granted 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 will 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 the quarterly financial and performance monitoring and in revisions to the strategy;

(iii)  that it be noted that the continued proactive approach to Treasury Management (TM) had led to reductions in borrowing costs and safeguarded investment income whilst increasing the yield; and

(iv)  that the increase in the non-specified investment limit for institutions falling below the Council’s minimum investment limit of A- to £5M, as detailed in paragraph 29 of the report, be approved.

Report of the Chief Financial Officer regarding the Treasury Management Strategy and Prudential Limits Mid Year review, attached.

The Committee considered the report of the Chief Financial Officer regarding treasury management activity and the mid-year review of cash flow, investment and borrowing.

RESOLVED that:-

(i)  the current and forecast position be noted and any changes be endorsed;

(ii)  the pro-active approach to Treasury Management which had led to reductions in borrowing costs and safeguarded investment income during the year and increased the yield be noted; and

(iii)  that the increase in the non-specified investment limit for institutions be approved, which fall below our minimum investment limit of A-, to £5M, as detailed in paragraph 29 of the report.