Purpose

To approve the Treasury Management Strategy
2024-2025.

Content

That Council be recommended to approve:
1.   
The authorised borrowing limit for 2024-2025 to support the capital
strategy as required under Section 3(1) of the Local Government Act
2003 to be set at £1,261.30 million (Reference PI 3, Appendix
3 to the report). The forecast borrowing is below the authorised
borrowing limit.
 
2.   
The Treasury Management Strategy Statement 2024-2025 as set out in
Appendix 1 to the report.
 
3.   
The Annual Investment Strategy 2024-2025 as set out in Appendix 2
to the report.
 
4.   
The Prudential and Treasury Management Indicators as set out in
Appendix 3 to the report.
 
5.   
The Annual Minimum Revenue Provision (MRP) Statement setting out
the method used to calculate MRP for 2024-2025 as set out in
Appendix 4 to the report.
 
6.   
The Treasury Management Policy Statement and Treasury Management
Practices as set out in Appendix 6 to the report.
 
7.   
That authority continues to be delegated to the Interim Director of
Finance to amend the Treasury Management Policy and Practices and
any corresponding changes required to the Treasury Management
Strategy, the Prudential and Treasury Management Indicators, the
Investment Strategy and the Annual MRP Statement to ensure they
remain aligned. Any amendments would be reported to the Cabinet
Member for Resources and Cabinet (Resources) Panel as
appropriate.
 
8.   
That authority continues to be delegated to the Interim Director of
Finance to lower the minimum sovereign rating in the Annual
Investment Strategy, in the event of the UK’s credit rating
being downgraded by the third credit rating agency, due to the
current economic climate.
 
9.   
That authority is delegated to the Cabinet Member for Resources, in
consultation with the Interim Director of Finance, to amend the MRP
statement should this be required following the outcome of the
consultation.
 
That Council be asked to note:
1.   
That the MRP charge for the financial year 2024-2025 would be
£20.8 million; it is forecast to increase to £23.2
million in 2025-2026 (paragraph 2.13 of the report).

 
2.   
That Cabinet or Cabinet (Resources) Panel and Council would receive
regular Treasury Management reports during 2024-2025 on performance
against the key targets and Prudential and Treasury Management
Indicators in the Treasury Management Strategy and Investment
Strategy, as set out in the paragraph 2.11 and Appendices 2 and 3
to the report.