Issue - meetings

To consider a report of the Borough Treasurer.

The Leader of the Council and Cabinet Member for Policy, Finance & Devolution (Councillor Alex Ganotis) submitted a report (copies of which had been circulated) inviting the Council Meeting to consider the Treasury Management Strategy Statement, the Annual Investment Strategy and the Minimum Revenue Provision Policy 2018/19.

RESOLVED - (56 for) That approval be given to:-

·         The Minimum Revenue Provision Policy for 2018/19;

·         The Capital Expenditure forecasts and Capital Financing Requirement projections;

·         The Treasury Management Strategy 2018/19;

·         The Treasury and Prudential Indicators and limits 2018/19-2020/21; and

·         The Annual Investment Strategy 2018/19.

Leader of the Council and Cabinet Member for Policy, Finance and Devolution

This comprehensive report proposes the 2018/19 Treasury Management Strategy, Annual Investment Strategy, Minimum Revenue Provision Policy and prudent and sustainable Treasury and Prudential Indicators, which are constructed in compliance with the CIPFA Treasury Management Code of Practice.

The Council has delegated the role of ensuring effective scrutiny of its Treasury Management Strategy to the Corporate, Resource Management and Governance Scrutiny Committee (CRMG).  As such, the views of CRMG were sought and any opinions or suggestions made have been taken into account when formulating the Council's Treasury Management Strategies for 2018/19.

The first part of the report details the Council’s Capital expenditure plans and Strategy which are a key driver to the long-term borrowing aspect of treasury management activity and strategy; these are reflected in a number of prudential and treasury indicators. 

The report develops to show how capital expenditure funded by prudential borrowing is subsequently charged against the Council’s revenue resources in the Minimum Revenue Provision (MRP) Policy Statement.

Fundamentals of the Council’s investment policy, approach to creditworthiness and investment strategies for 2018/19 are included in the Annual Investment Strategy statement.

The report provides an economic commentary and interest rate forecast, detailing likely scenarios for the economy and financial markets in 2018/19 based on current information. 

A key highlights report is provided which summarises the main points of the more comprehensive report.

An Equalities Impact Assessment has been carried out on the Treasury Management Strategy; this is included at Appendix Six.

Cabinet is asked to recommend that the Council Meeting approves

•        The Minimum Revenue Provision Policy for 2018/19;

•        The Capital Expenditure Forecasts and Capital Financing Requirement projections;

•        The Treasury Management Strategy 2018/19;

•        The Treasury and Prudential Indicators and Limits 2018/19-2020/21;

•        The Annual Investment Strategy (AIS) 2018/19.

Officer contact: Lorna Soufian, 0161 474 4026, lorna.soufian@stockport.gov.uk

The Leader of the Council and Cabinet Member for Policy, Finance & Devolution submitted a report (copies of the which had been circulated) inviting the Cabinet to consider the proposed 2018/19 Treasury Management Strategy, Annual Investment Strategy, Minimum Revenue Provision Policy and prudent and sustainable Treasury and Prudential Indicators, constructed in compliance with the CIPFA Treasury Management Code of Practice.

The Leader of the Council emphasised the technical nature of the report, and thanked officers and members for their input into the development of the Strategy.

RESOLVED – That in relation to the 2018/19 Treasury Management Strategy, Annual Investment Strategy and Minimum Revenue Provision Policy the Council Meeting be recommended to approve:-

·         the Minimum Revenue Provision Policy for 2018/19;

·         the Capital Expenditure Forecasts and Capital Financing Requirement projections;

·         the Treasury Management Strategy 2018/19;

·         the Treasury and Prudential Indicators and Limits 2018/19-2020/21;

·         the Annual Investment Strategy (AIS) 2018/19.