Issue - meetings

To consider the head of finance’s report. 

The committee considered the head of finance’s report that reviewed the treasury management and investment strategy for 2014/15.  This recommended:

• raising the authorised limit and operational boundary for borrowing by £20 million in order to enable the council to borrow £20 million for infrastructure works in support of the Science Vale UK Enterprise Zone 
• the council should not borrow more than or in advance of its needs purely to profit by investing the sums borrowed   
• inserting a minimum revenue provision to match repayments and funding from the local enterprise partnership business rate growth to neutralise impact on local taxation

The committee supported the changes to the strategy in the knowledge that Cabinet would take any decisions to borrow, and such decisions would be open to scrutiny. 

RESOLVED: to recommend Cabinet to recommend to Council to

(a)               approve the treasury management strategy 2014/15;

(b)               approve the prudential indicators and limits for 2014/15 to 2016/17 as set out in table 2, appendix A to the head of finance’s report; and

(c)               approve annual investment strategy 2014/15 set out in appendix A and the lending criteria detailed in table 5 to the head of finance’s report.