Issue - meetings

Treasury Management Policy and Strategy 2023/24

Meeting: 02/03/2023 - Council (Item 105)

105 Treasury Management Policy and Strategy 2023/24 pdf icon PDF 978 KB

Report of the Executive Director of Corporate Resources and Customer Services

Minutes:

Further to Minute No. 125 of the meeting of the Cabinet held on 9 February 2023, the Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services that set out the following proposed policy and strategy documents:

 

a)       Treasury Management Policy (Annex A);

b)       Treasury Management Strategy (Annex B); and

c)       Minimum Revenue Provision Policy Statement (Annex C)

 

It was moved by Councillor Ian Maher, seconded by Councillor Fairclough and

 

RESOLVED:

 

That approval be given to the:

 

(1)      Treasury Management Policy Document for 2023/24;

 

(2)      Treasury Management Strategy Document for 2023/24; and

 

(3)      Minimum Revenue Provision Policy Statement 2023/24


Meeting: 09/02/2023 - Cabinet (Item 125)

125 Treasury Management Policy and Strategy 2023/24 pdf icon PDF 978 KB

Report of the Executive Director of Corporate Resources and Customer Services

Minutes:

Further to Minute No. 41 of the meeting of the Overview and Scrutiny Committee – Regulatory, Compliance and Corporate Services held on 7 February 2023, the Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services that set out the following proposed policy and strategy documents:

 

a)    Treasury Management Policy (Annex A);

b)    Treasury Management Strategy (Annex B); and

c)    Minimum Revenue Provision Policy Statement (Annex C)

 

Decision Made:     

 

That Council be recommended to approve the:

 

(1)

Treasury Management Policy Document for 2023/24;

 

(2)

Treasury Management Strategy Document for 2023/24; and

 

(3)

Minimum Revenue Provision Policy Statement 2023/24

 

Reasons for the Decisions:

 

The Council has adopted CIPFA’s Code of Practice on Treasury Management in the Public Services. The Code requires that the Council sets a policy and strategy for the effective operation of the Council’s Treasury Management function during the financial year.  This will ensure that cash flow is adequately planned, surplus monies are invested commensurate with the Council’s risk appetite whilst providing adequate portfolio liquidity, and that the borrowing needs of the Council are properly managed to ensure that the Council can meet its capital spending obligations.

 

Alternative Options Considered and Rejected:

 

None.


Meeting: 07/02/2023 - Overview and Scrutiny Committee (Regulatory, Compliance and Corporate Services) (Item 41)

41 Treasury Management Policy and Strategy 2023/24 pdf icon PDF 978 KB

Report of the Executive Director of Corporate Resources and Customer Services

Minutes:

The Committee considered the report of the Executive Director of Corporate Resources and Customer Services on the Treasury Management Policy and Strategy 2023/24.

 

The report indicated that the Council had adopted CIPFA’s 2021 Code of Practice on Treasury Management in the Public Services (the Code) which recommended the production of annual Treasury Management Policy and Strategy documents; and that in addition, the Council had adopted and incorporated into both documents:

 

(a)

the requirements of the 2021 Prudential Code for Capital Finance in Local Authorities; and

 

(b)

an Investment Strategy produced in line with the then Ministry of Housing Communities and Local Government (MHCLG) Statutory Guidance on Local Government Investments 2018, which set out the manner in which the Council would manage its investments, giving priority to the security and liquidity of those investments.

 

The report also advised that the Code required the Council to produce:

 

(a)

a Treasury Management Policy Document (attached as Appendix A to the report) which outlined the broad policies, objectives and approach to risk management of its treasury management activities;

 

(b)

a Treasury Management Strategy Document (attached as Appendix B to the report) which set out specific treasury activities that would be undertaken in compliance with the Policy in 2023/24;

 

(c)

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; and

 

(d)

Investment Management Practices for investments that were not part of Treasury management activity.

 

Also attached to the report as Appendix C was the Minimum Revenue Provision Policy Statement 2023/24.

 

This report would also be considered by Cabinet and Council at their meetings to be held on 9 February and 2 March 2023 respectively.

 

The Committee was requested to consider the proposed policies and strategy documents which included the objectives and operation of the Council’s Treasury Management functions, the manner in which the Council would manage its investments and the methodology used to set aside revenue provision for the repayment of debt; and provide any comments to 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.

 

RESOLVED:

 

That the report on the Treasury Management Policy and Strategy 2023/24 be noted.