Issue - meetings

To consider the recommendations made by Cabinet since the last ordinary Council Meeting:

1.1.Treasury Management Strategy Statement, Capital Strategy, Minimum Revenue Provision Policy Statement and Annual Investment Strategy 2020/2021

1.2.Quarter 3 Financial Performance 2019/20

1.     Treasury Management Strategy Statement

Madam Deputy Mayor invited Councillor Hall, the Cabinet Member for Finance & Resources to move the recommendations referred by Cabinet on 24 February 2020 related to the Treasury Management Strategy Statement, Capital Strategy, Minimum Revenue Provision Policy Statement and Annual Investment Strategy 2020/21. The Cabinet Member highlighted the forecast borrowings evolution noting that this was for the provision of essential services, the development of Bernard Weatherill House and to build schools that were not properly funded. The level of debt was necessitated by the reduction in Council income streams. Borrowing would also be used to invest and generate additional income for the Council.

The recommendations were seconded by Councillor Patsy Cummings and Madam Deputy Mayor put the recommendations to the vote.

RESOLVED: Council AGREED the recommendations in the report:

1.1.          Approved the Treasury Management Strategy Statement 2020/21 as set out in the covering report (at Appendix 7.1) including the recommendations:

1.1.1.     That the Council takes up borrowing requirements as set out in paragraph 4.5 of the covering report (at Appendix 7.1).

1.1.2.     That for the reasons detailed in paragraph 4.14 of the covering report (at Appendix 7.1), opportunities for debt rescheduling are reviewed throughout the year by the Director of Finance, Investment and Risk (S151 Officer) and that she be given delegated authority, in consultation with the Cabinet Member for Finance and Resources and in conjunction with the Council’s independent treasury advisers, to undertake such rescheduling only if revenue savings or additional cost avoidance can be achieved at minimal risk in line with organisational considerations and with regard to the Housing Revenue Account (HRA) as set out in the Council’s Medium Term Financial Strategy 2019/2023.

1.1.3.     That delegated authority be given to the Director of Finance, Investment and Risk (S151 Officer), in consultation with the Cabinet Member for Finance and Resources, to make any necessary decisions to protect the Council’s financial position in light of market changes or investment risk exposure.

1.2.          That the Council adopts the Annual Investment Strategy as set out in paragraphs 4.16 and 4.17 of the covering report (at Appendix 7.1).

1.3.          That the Authorised Limit (required by Section 3 of the Local Government Act 2003) as set out in paragraph 4.10 of the covering report (Appendix 7.1) and as detailed in Appendix 7.1C be as follows:

1.1.          That the Council approved the Prudential Indicators as set out in Appendix 7.1C.

1.2.          The Annual Minimum Revenue Provision Policy Statement (required by the Local Authorities (Capital Financing and Accounting) (England) (Amendment) Regulations 2008SI 2008/414) as set out in Appendix 7.1D of this report.

1.3.          That the Council’s authorised counterparty lending list as at 31st December 2019 as set out in Appendix 7.1E of this report and the rating criteria set for inclusion onto this list be approved.

1.4.          That the Council adopts the Capital Strategy Statement set out in section 3 of the covering report (at Appendix 7.1).

2.     Quarter 3 Financial Performance

Madame Deputy Mayor  ...  view the full minutes text for item 87

To consider the recommendations made by Cabinet since the last ordinary Council Meeting:

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7.1. Treasury Management Policy Statement, Minimum Revenue Provision Policy Statement, Capital Strategy & Annual Investment Strategy 2019/2020; and

7.2. Housing Asset Management Plan.

Madam Mayor invited Councillor Hall to move the recommendations contained in the Cabinet report relating to the Treasury Management Policy Statement, Minimum Provision Policy Statement, Minimum Provision Policy Statement, Capital Strategy and Annual Investment Strategy for 2019/20.

Councillor Hall highlighted the recommendations in the report noting that these were about the careful stewardship of the capital strategy and borrowing for a purpose.

The recommendations were seconded by Councillor Patsy Cummings, put to the vote and carried.

Madam Mayor invited Councillor Butler to move the recommendations contained in the Cabinet report relating to the Housing Asset Management Plan.

Councillor Butler proposed the recommendations in the report. It was highlighted that these were about the effective maintenance and improvement of Council homes. It was noted that residents were involved in decisions about the upkeep of properties; this was about being a good social landlord. The difficulties of managing the housing asset budget due to government intervention was emphasised. The Cabinet Member reported that there was an increased emphasis on fire safety as a result of the Grenfell Tower fire. Fuel poverty meant there was an increasing emphasis on fuel efficient solutions. The objective was to provide affordable homes in which residents could take pride. It was important that residents have a say and are heard. As a social landlord the role of the Council was more than just providing a roof; activity was being taken to address antisocial behaviour, provide play spaces, job opportunities and training.

The recommendations were seconded by Councillor Hay-Justice, put to the vote and carried.

RESOLVED: The Members of the Council resolved to agree the following recommendations:

Treasury Management Policy Statement

1.     To approve the Treasury Management Statement 2019/2020 as set out in Appendix 7.1, including the following recommendations:

1.1.That the Council takes up the balance of its 2018/2019 borrowing requirement and future years’ borrowing requirements, as set out in paragraph 4.5 (Appendix 7.1).

1.2.That for the reasons detailed in paragraph 4.14 (Appendix 7.1), opportunities for debt rescheduling were to be reviewed throughout the year by the Director of Finance, Investment and Risk (S151 Officer) and that, she be given delegated authority, in consultation with the Cabinet Member for Finance & Resources and in conjunction with the Council’s independent treasury advisers, to undertake such rescheduling only if revenue savings or additional cost avoidance could be achieved at minimal risk in line with organisational considerations and with regard to the Housing Revenue Account (HRA) as set out in the Council’s Medium Term Financial Strategy 2018/2022.

2.     That delegated authority be given to the Director of Finance, Investment and

Risk (S151 Officer) in consultation with the Cabinet Member for Finance &

Resources, to make any necessary decisions to protect the Council’s financial position in light of market changes or investment risk exposure.

3.     That the Council adopts the 2017 edition of the revised Treasury Management

Code of Practice and Prudential Code issued by CIPFA in December 2017.

4.     That the Council adopts the Annual Investment Strategy as set out in  ...  view the full minutes text for item 20