Issue - meetings

Report of the Head of Corporate Resources

The Committee considered the report of the Head of Corporate Resources that set out the following proposed policy and strategy documents, namely, the Treasury Management Policy, the Treasury Management Strategy and the Minimum Revenue Provision Policy Statement.

The report indicated that the Council had adopted CIPFA’s revised 2017 Code of Practice on Treasury Management in the Public Services which recommended the production of annual Treasury Management Policy and Strategy Documents; that in addition, the Council had also adopted, and incorporated into both documents:

The report also detailed that the CIPFA Code required that the Treasury Management Policy Document should outline the broad policies, objectives and approach to risk management of its treasury management activities; that the Treasury Management Strategy Document should set out specific treasury activities that would be undertaken in compliance with the Policy in 2019/2020; and Suitable Treasury Management Practices, setting out the manner in which the organisation would seek to achieve these policies and objectives, and prescribing how it would manage and control those activities.

The following Annexes were attached to the report:

This report would also be considered by Cabinet and Council at their meetings to be held on 14 and 28 February 2019 respectively.

The report concluded by requesting the Committee to provide any comments to the Council that would be considered as part of the formal approval of the Treasury Management Policy, Treasury Management Strategy and Minimum Revenue Provisions Policy Statement.

Members of the Committee asked questions/commented on the following issues:

·       The interest rate forecast and its predication on an assumption of an agreement being reached on Brexit between the UK and the EU; and whether the figures contained in the report could change before the Budget Council meeting on 28 February 2019

·       The Council opting up to “professional status” in order to continue to have access to Money Market funds as an investment option as they are not available to retail clients 

RESOLVED:

That the report setting out the following proposed policy and strategy documents, namely, the Treasury Management Policy, the Treasury Management Strategy and the Minimum Revenue Provision Policy Statement be noted.