Lead Member – Councillor Gwilym Butler – Portfolio Holder for Finance and Corporate Resources

Report of James Walton – Executive Director of Resources

Report to follow

RESOLVED:

That Cabinet

·       Received the Treasury Strategy 2023/24 and recommended its adoption to Council from the perspective of this setting out the policy Cabinet wish to adopt;

·       Recommends that Council:-

a)    Approve, with any comments, the Treasury Strategy for 2023/24

b)    Approve, with any comments, the Prudential Indicators, set out in Appendix 1, in accordance with the Local Government Act 2003, noting that the new Liability Benchmark indicator needs to be finalised.

c)     Approve, with any comments, the Investment Strategy, set out in Appendix 2 in accordance with the DLUHC Guidance on Local Government Investments.

d)    Approve, with any comments, the Minimum Revenue Provision (MRP) Policy Statement, set out in Appendix 3.

e)    Authorise the Section 151 Officer to exercise the borrowing powers contained in Section 3 of the Local Government Act 2003 and to manage the Council’s debt portfolio in accordance with the Treasury Strategy.

f)      Authorise the Section 151 Officer to use other Foreign Banks which meet Link’s creditworthiness policy as required.

g)    Authorise the Section 151 Officer to progress and finalise the restatement and amendment of Cornovii Development Ltd loan agreements.

The Portfolio Holder for Finance and Corporate Resources presented the report which proposed the Treasury Strategy for 2023/24. It set out the arrangements for how the council will appropriately manage its arrangements for banking, cash flow management, investments, and borrowing, supporting the delivery of the MTFS and The Shropshire Plan.

RESOLVED:

That Cabinet

·       Received the Treasury Strategy 2023/24 and recommended its adoption to Council from the perspective of this setting out the policy Cabinet wish to adopt;

·       Recommends that Council:-

a)    Approve, with any comments, the Treasury Strategy for 2023/24

b)    Approve, with any comments, the Prudential Indicators, set out in Appendix 1, in accordance with the Local Government Act 2003, noting that the new Liability Benchmark indicator needs to be finalised.

c)     Approve, with any comments, the Investment Strategy, set out in Appendix 2 in accordance with the DLUHC Guidance on Local Government Investments.

d)    Approve, with any comments, the Minimum Revenue Provision (MRP) Policy Statement, set out in Appendix 3.

e)    Authorise the Section 151 Officer to exercise the borrowing powers contained in Section 3 of the Local Government Act 2003 and to manage the Council’s debt portfolio in accordance with the Treasury Strategy.

f)      Authorise the Section 151 Officer to use other Foreign Banks which meet Link’s creditworthiness policy as required.

g)    Authorise the Section 151 Officer to progress and finalise the restatement and amendment of Cornovii Development Ltd loan agreements.