To consider a report that outlines the Treasury Management Strategy for 2015/16.

The Council considered the submitted report setting of the Treasury Management Strategy 2015/16 which incorporated the Annual Investment Strategy 2015/16 and Minimum Revenue Provision Policy 2015/16.

It was proposed by the Mayor and seconded by Councillor Mills:

(i)       that the Treasury Management Strategy for 2015/16 (incorporating the Annual Investment Strategy 2015/16) set out at Appendix 1 to the submitted report be approved;

(ii)      that the Prudential and Treasury Indicators 2015/16 set out in Annex 1 of the submitted report be approved;

(iii)      that in line with the Council’s Constitution and Financial Regulations:

(a)      the Chief Finance Officer be authorised to take any decisions on borrowing and investments. (Delegations to the Section 151 Officer, paragraph 3.1(a));

(b)      that the Chief Finance Officer be authorised to invest temporarily or utilise surplus monies of the Council; (Financial Regulations, paragraph 14.5); and

(c)      that the provisions outlined above exclude decisions to make loans to external organisations and that these require approval by Council.  However loans of less than £50,000 to be approved by the Chief Finance Officer; and

(iv)     that the Annual Minimum Revenue Provision Policy Statement for 2015/16 as shown in Annex 2 to the submitted report be approved.

On being put to the vote, the motion was declared carried unanimous.

To consider a report that outlines the Treasury Management Strategy for 2015/16.

Members of the Audit Committee considered the Treasury Management Strategy that aims to support the provision of all Council services by the management of the Council’s cash flow, debt and investment operations in 2015/16 and effectively control the associated risks and the pursuit of optimum performance consistent with those risks.

Members considered the advantages and disadvantages of investing in a Property Fund but felt that the request needed greater understanding and debate.  Members requested the Executive Head of Finance brief all councillors and present a separate report for consideration.  The Committee also requested a number of changes to the recommendations to Council.

Resolved:

That the Treasury Management Strategy for 2015/16 set out in Appendix 1 to the submitted report be endorsed;

Council be recommended:

i)             That the Treasury Management Strategy for 2015/16 (incorporating the Annual Investment Strategy 2015/16) set out at Appendix 1 to the submitted report be approved;

ii)         that the Prudential and Treasury Indicators 2015/16 set out in Annex 1 of the submitted report be approved;

iii)        that in line with the Council’s Constitution and Financial Regulations:

a)    the Chief Finance Officer be authorised to take any decisions on borrowing and investments. (Delegations to the Section 151 Officer, paragraph 3.1(a));

b)    that the Chief Finance Officer be authorised to invest temporarily or utilise surplus monies of the Council; (Financial Regulations, paragraph 14.5); and

c)    that the provisions outlined above exclude decisions to make loans to external organisations and that these require approval by Council.  However loans of less than £50,000 to be approved by the Chief Finance Officer; and

iv)        that the Annual Minimum Revenue Provision Policy Statement for 2015/16 as shown in Annex 2 to the submitted report be approved.