Agenda item

Councillor Clarence Barrett, Cabinet Member for Financial Management, introduced the report

Cabinet was informed that In February 2011 the Authority adopted the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2011 Edition (the CIPFA Code).

In addition, the Department for Communities and Local Government (CLG) issued revised Guidance on Local Authority Investments in March 2010 that required the Authority to approve an investment strategy before the start of each financial year.

The report before Members fulfilled the Authority’s legal obligation under the Local Government Act 2003 to have regard to both the CIPFA code and CLG guidance.

The Council was also required to receive and approve, as a minimum, three main reports each year which incorporated a variety of policies, estimates and actuals. 

They were:

The Treasury Management Strategy Statement (This report itself) - The first, and most important report covered:

·            The borrowing and investment strategies

·            Treasury Management indicators

·            Prudential Indicators

·            a Minimum Revenue Provision Policy (how residual capital expenditure was charged to revenue over time)

A Mid Year Treasury Review – This would provide an update on the prudential and treasury indicators and would include information on the current treasury position.

An Annual Treasury Report – This would provide details of a selection of actual prudential and treasury indicators and actual treasury operations compared to the estimates within the strategy.

Cabinet approved and recommended to Council:

·           The Treasury Management Strategy Statement (TMSS)

·           The Prudential Indicators set out in appendix B of the report

·           The Annual Minimum Revenue Provision statement for 2015/16 set out in appendix C of the report.