The Head of Financial Services has submitted a report to present the Council’s Treasury Management Strategy for 2024/25 together with the Prudential Indicators for 2024/25 to 2027/28.

Cabinet is recommended to:

Recommend that Council approves:

1.       The Treasury Management Strategy 2024/25 as set out in paragraphs 12 to 60 of the report and the Prudential Indicators for 2024/25 – 2027/28 as set out in Appendix 2;

2.       The Borrowing Strategy 2024/25 at paragraphs 34 to 36 of the report;

3.       The Minimum Revenue Provision (MRP) Statement at Appendix 3 which sets out the Council’s policy on charging borrowing to the revenue account;

4.       The Investment Strategy for 2024/25 and the investment criteria as set out in paragraphs 38 to 56 of the report and in Appendix 1; and

5.       The Treasury Management Scheme of Delegation at Appendix 4.

The Head of Financial Services had submitted a report to present the Council’s Treasury Management Strategy for 2024/25 together with the Prudential Indicators for 2024/25 to 2027/28.

Councillor Ed Turner, Cabinet Member for Finance and Asset Management, reported that the Strategy had been updated to reflect changes to Minimum Revenue Provision rules. It was considered that the risks of, and types of, investments outlined in the Strategy remained appropriate, and no changes were envisaged to these for the coming year.  The Ethical Investment Policy had been retained, and a new Environmental, Social and Governance Policy had been added (at Appendix 4).

The Head of Financial Services highlighted that the Strategy was an important document for the Finance Team and was underpinned by rigorous operational controls.  Performance against the prudential indicators was reported to Cabinet on a regular basis.

Cabinet resolved to recommend that Council approves:

1.       The Treasury Management Strategy 2024/25 as set out in paragraphs 12 to 60 of the report and the Prudential Indicators for 2024/25 – 2027/28 as set out in Appendix 2;

2.       The Borrowing Strategy 2024/25 at paragraphs 34 to 36 of the report;

3.       The Minimum Revenue Provision (MRP) Statement at Appendix 3 which sets out the Council’s policy on charging borrowing to the revenue account;

4.       The Investment Strategy for 2024/25 and the investment criteria as set out in paragraphs 38 to 56 of the report and in Appendix 1; and

5.       The Treasury Management Scheme of Delegation at Appendix 5.