Agenda item

To receive the report of the Cabinet Member for Performance and Resources concerning the Treasury Management Strategy for 2016/17.

78.1       Council considered a report of the Cabinet Member for Performance and Resources concerning the Treasury Management Strategy, the prudential indicators and the Treasury activities.

78.2       Councillor D. Norman moved the recommendations set out in the report and advised that the strategy had been endorsed by the Audit and Governance Committee; he thanked the Chair of the Committee, Councillor Llewellyn for her commitment to the work of the Committee. He noted that the Council was required to set an affordable borrowing limit and reported that the Council remained in an under-borrowed position, which generated value for money for the Council.

78.3       Councillor Haigh stated that a good strategy should predict the future movement of the economy and noted that it did not indicate what impact the UK leaving the European Union might have on the Council’s finances.

78.4       Councillor D. Norman stated that the outcome of the EU referendum was not relevant to the strategy, therefore no reference had been made to it.

78.5       Councillor James seconded the motion.

78.6       RESOLVED –

(1)       The Treasury Management Strategy at Appendix 1 be approved;

(2)       The authorised borrowing limit be approved at:-

a)         2016/17 £30m

b)         2017/18 £30m

c)         2018/19 £30m

(3)       The prudential indicators set on in section two of the strategy be approved.