Issue - meetings

The Financial Services Manager presented the report and explained that Members were being asked to review the draft Treasury Management Strategy, the prudential indicators, Minimum Revenue Provision Policy 2024/25 and Capital Investment Strategy before their submission to Council for approval as part of the budget setting process in March. The Strategy had been written against the backdrop of economic uncertainty in line with the inflation rates from last year. The council’s treasury position was impacted by this with its level of investments and interest rates. It was predicted that rates would start to fall in 2024 and become more stable in 2025/26 , as such long-term borrowing was not advised. The Strategy incorporated the requirements of the new CIPFA code for treasury management.

Members asked a question surrounding the reduction in capital expenditure and the Financial Services Manager explained that this figure would change with future investments. The Section 151 Officer explained that there had been significant contributions to the Council over the last 12-15 months for a residential home and a large proportion had been allocated for this as well as funding for the disabled facilities grant that had been approved by Members at Council.

RESOLVED that:

a)         having reviewed, commented on and scrutinised the Treasury Management Strategy, Prudential Indicators and Minimum Revenue Provision (MRP) Policy 2023/24, it be RECOMMENDED to Council for approval; 

b)         the Committee had reviewed, commented on and scrutinised the Capital Investment Strategy in conjunction with the Treasury Management Strategy.

c)         delegated authority be granted to the Director of Corporate Services (Section 151 Officer) in consultation with the Chair of the Governance and Audit Committee to make any changes to the Capital Strategy and Minimum Revenue Provision (MRP) Policy and Prudential Indicators prior to the final strategy being presented to Council in March.

Note: -  Cllr Velan did not vote on the above item , as he had not undertaken the required mandatory training.