Issue - meetings

Discussion:

This report sought approval of the Treasury Management Strategy, which incorporated within it the Treasury Management Policy Statement, Annual Investment Strategy and Minimum Revenue Provision Policy.

Councillor Jarrett, supported by Councillor Rodney Chambers, proposed the recommendations as set out in the report:

Decision:

The Council approved the Treasury Management Strategy and associated policies and strategy statements as attached to the report.

Background:

This report presented the Council’s Treasury Management Strategy for 2011/2012. The strategy incorporated the Treasury Management Policy Statement, Annual Investment Strategy and Minimum Revenue Provision Policy. Treasury Management Practices were also set out.

The annual presentation of a Treasury Management Strategy was a requirement under the CIPFA Code of Practice on Treasury Management, adopted by the Council on 25 February 2010. It covered the various aspects of the treasury management function and was based on the treasury officers’ views on interest rates, supplemented with leading market forecasts provided by the Council’s treasury adviser, Sector.

The Business Support Overview and Scrutiny Committee had considered and recommended the report to Cabinet on 27 January 2011. It was noted however that since the 27 January 2011 the Housing Subsidy regime had been clarified. The transfer of liability under the subsidy calculation into a debt burden would be £15.6 million, rather than the assumed £11 million in 2012/2013. It was noted that the report had been amended and Members of the Overview and Scrutiny Committee informed accordingly.

Reasons:

Cabinet has the responsibility to make recommendations to Council on the approval of the Council’s Treasury Management, Investment Strategy and Minimum Revenue Provision Policy Statement along with scrutinising the Treasury Management Practices and associated schedules.