Agenda item

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

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7.  

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 paragraph

4.16 and 4.17 (Appendix 7.1).

5.     That the Authorised Borrowing Limits (required by Section 3 of the Local

Government Act 2003) as set out in paragraph 4.18 (Appendix 7.1) and as detailed in Appendix 7.1C be as follows:

6.     That the Council approve the Prudential Indicators as set out in Appendix 7.1C of this report.

7.     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 the report.

8.     That the Council’s authorised counterparty lending list as at 31 December 2018 as set out in Appendix 7.1E of the report and the rating criteria set for inclusion onto this list be approved.

9.     That the Council adopts the Capital Strategy Statement set out below in section

(Appendix 7.1).

Housing Asset Management Plan (HAMP) 2019 - 28

2.     The Housing Asset Management Plan 2019 – 2028 be approved and implemented.