To consider a report of the Executive Member for Finance and Governance & Corporate Director, Finance and Systems.

The Executive Member for Finance and Governance and Corporate Director of Finance and Systems submitted a report which outlined key aspects of the Council’s proposed Treasury Management Strategy, including with regard to the strategy to be implemented during the period for investments and borrowing; the outlook for interest rates; management of associated risks; the policy to be adopted on Minimum Revenue Provision (MRP) and Prudential Indicators. Members’ attention was drawn in particular to the rationale for the proposed inclusion of a number of additional building societies on the list of the Council’s approved counterparties.

An opportunity was provided for Members to raise questions on the report’s content, which focussed on the nature of, and possibility of the Council experiencing, negative interest rates, and on the identified potential tension between ethical investments and treasury guidance provided by CIPFA. It was noted that further information on these issues would be provided for Members outside the meeting.

RESOLVED – That the report be noted and recommended to the Executive.