Cabinet considered the head of finance’s report regarding a treasury management and investment strategy for 2022/23. The Cabinet member for finance reported that several changes were proposed to the strategy, including increases to counterparty limits and bonds, increases to local authority and government deposits, an increase to portfolio limits for short-term deposits, reducing maturity limits for local authority deposits, removing the non-treasury management property-related investment category, enabling deposits with foreign financial institutions, and increasing variable interest rate exposure prudential indicator limits.
The Joint Audit and Governance Committee had supported the revised strategy. Cabinet concurred as the revised strategy would allow the council greater flexibility with its treasury management investments.
RECOMMENDED to Council to:
(a) approve the treasury management strategy 2022/23 set out in appendix A to the head of finance’s report to Cabinet on 4 February 2022;
(b) approve the prudential indicators and limits for 2022/23 to 2024/25 as set out in, appendix A to the report; and
(c) approve the annual investment strategy 2022/23 set out in appendix A to the report,and the lending criteria detailed in table 6.