Issue - meetings

Report of the Chief Financial Officer providing an update on the Treasury Management Strategy and Prudential Limits that were approved by Council in February 2015, attached.

The report of the Chief Financial Officer was submitted providing an update on the Treasury Management Strategy and Prudential Limits that were approved by Council in February 2015.

RESOLVED

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

(ii)  that it be noted that the continued proactive approach to TM has led to reductions in borrowing costs and safeguarded investment income during the year;

(iii)  that the revised MRP policy made under delegated authority of the Chief Financial Officer which benefit the authority as set out in paragraphs 52 to 55 of the report be noted.

(iv)  that delegated authority continue to be granted to the Chief Financial Officer, Finance 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. Any amendments would be reported as part of quarterly financial and performance monitoring and in revisions to this strategy;

(v)  that the increase in the investment limits as detailed in paragraphs 35 of the report be approved;

(vi)  that the position with regard to the Authority’s Bond holding with Volkswagen Financial Services as detailed in paragraph 43 of the report be noted; and

(vii)  that the current position be noted regarding setting up the Local Authority Bonds Agency Ltd now known as the Municipal Bonds Agency (MBA) plc as set out in paragraph 24-29 of the report.

NOTE: Councillor Hammond declared a disclosable pecuniary Interest in the above matter, as an employee of a company with whom the Council had financial transactions and left the meeting during the consideration of the matter.

Report of the Chief Financial Officer providing an update on the Treasury Management Strategy and Prudential Limits that were approved by Council in February 2015, attached.

The Committee considered the report of Chief Financial Officer providing an update on the Treasury Management Strategy and Prudential Limits that were approved by Council in February 2015.

RESOLVED

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

(ii)  noted that the continued proactive approach to TM has led to reductions in borrowing costs and safeguarded investment income during the year;

(iii)  noted the revised Minimum Revenue Provision (MRP) policy made under delegated authority of the Chief Financial Officer which benefit the authority as set out in paragraphs 52 to 55;

(iv)  endorsed the increase in the investment limits as detailed in paragraphs 35;

(v)  noted the position with regard to the Authority’s Bond holding with Volkswagen Financial Services as detailed in paragraph 43; and

(vi)  noted the current position regarding set up the Local Authority Bonds Agency Ltd now known as the Municipal Bonds Agency (MBA) plc as set out in paragraph 24-29.