Issue - meetings

Report No: CAB/FH/15/005

Cabinet Member: Stephen Edwards           Lead Officer: Rachael Mann

RECOMMENDED TO COUNCIL:

That:-

1.   The Annual Treasury Management and Investment Strategy Statements 2015/2016 (as set out in Appendix 1 and 2 of Report No CAB/FH/15/005) be approved.

2.   The Treasury Management Code of Practice (as attached in Appendix 3 and 4 of Report No CAB/FH/15/005) be approved.

3.   The Head of Resources and Performance, in consultation with the Portfolio Holder for Resources, Governance and Performance, be given delegated authority to make amendments to the Treasury Management Investment Strategy 2015/2016, taking into account advice of the Council’s Treasury Management Advisors in response to changes to credit ratings resulting from the implied removal of sovereign support in the Bank of England’s ‘bail-in’ regulations.

(Report No CAB/FH/15/005)

The Cabinet Member for Resources, Governance and Performance presented this report which provided Members with explained that the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management required that, prior to the start of the financial year, that the Council formally approved an Annual Treasury Management and Investment Strategy, setting out the Council’s treasury management policy and strategy statements for the forthcoming year.

The Cabinet were also informed that, since the publication of the agenda papers, there would be a requirement for the inclusion of an additional recommendation, as the Council needed to consider the implications regarding changes to credit ratings, following the recent implied removal of sovereign support in the Bank of England’s ‘bail-in’ regulations.

The Annual Treasury Management and Investment Strategy was attached as Appendix 1 to Report No CAB/FH/15/008, along with supporting documents at Appendix 2, 3 and 4.

With the vote being unanimous, it was

RECOMMENDED TO COUNCIL:

That:-

1.           The Annual Treasury Management and Investment Strategy Statements 2015/2016 (as set out in Appendix 1 and 2 of Report No CAB/FH/15/005) be approved.

2.           The Treasury Management Code of Practice (as attached in Appendix 3 and 4 of Report No CAB/FH/15/005) be approved.

3.           The Head of Resources and Performance, in consultation with the Portfolio Holder for Resources, Governance and Performance, be given delegated authority to make amendments to the Treasury Management Investment Strategy 2015/2016, taking into account advice of the Council’s Treasury Management Advisors in response to changes to credit ratings resulting from the implied removal of sovereign support in the Bank of England’s ‘bail-in’ regulations.