Issue - meetings

To receive a report from the Corporate Director of Finance & Resources updating members on Treasury Management activity and confirming that the Council has complied with its Prudential Indicators for 2022 - 23.

Members are asked to note that this report was received and noted by the Audit & Standards Advisory Committee on 18 July 20223 and Cabinet on 11 September 2023 and has been forwarded to Council in compliance with CIPFAs Code of Practice on Treasury Management.

Council RESOLVED

(1)    To note and approve, following its consideration by Audit & Standards Advisory Committee on 18 July 2023 and Cabinet on 11 September 2023, the 2022 - 23 Treasury Management outturn report and the Minimum Revenue Provision (MRP) Strategies in Appendix 4 – 6 of the report, in compliance with CIPFA’s Code of Practice on Treasury Management (the Code).

(2)    To note that for 2022 - 23 the Council had complied with its Prudential Indicators which were approved by Full Council on 22 February 2022 as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement.

Eligible for Call-In: No

The Mayor then invited Councillor Tatler, as Deputy Leader and Cabinet Member for Finance, Resources and Reform Leader, to introduce a report from the Corporate Director of Finance and Resources updating members on the Council’s Treasury Management Activity during 2022 - 23.  In introducing the report, the Deputy Leader felt it important to recognise the economic background in relation to the current outturn position which included the continuing economic volatility and challenges arising from the war in Ukraine and increase in both inflation and interest rates.  In recognising the importance of the Treasury Management function in managing and planning for the level of funding required to support the Council’s activities, services and affordability of the capital programme members noted that the activity looked to optimise the effect of borrowing costs and investment income whilst managing the associated risks in line with the Council’s Treasury Management Strategy and Prudential Indicators, which had been approved by Full Council in February 2022 and in accordance with relevant professional codes and legislation.

In noting that the Council had complied with its Prudential Indicators for 2022–23, members attention was also drawn to a review of the Minimum Revenue Provision (MRP) undertaken following a recommendation from the Council’s external auditor which had resulted in a change of approach for assets acquired prior to 2008.  This had resulted in the expected economic life of these assets having to be revised downwards with the changes reflected in the updated MRP statements for 2021–22 through to 2023–24 included within Appendices 4 – 6 of the report.

As no other members had indicated they wished to speak and Councillor Tatler had confirmed she did not need to exercise her right of reply the Mayor then put the recommendations in the report to the vote and they were declared CARRIED.

Council therefore RESOLVED:

(1)    To note and approve, following its consideration by Audit & Standards Advisory Committee on 18 July 2023 and Cabinet on 11 September 2023, the 2022 - 23 Treasury Management outturn report and the Minimum Revenue Provision (MRP) Strategies in Appendix 4 – 6 of the report, in compliance with CIPFA’s Code of Practice on Treasury Management (the Code).

(2)    To note that for 2022 - 23 the Council had complied with its Prudential Indicators which were approved by Full Council on 22 February 2022 as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement.