To consider a report on the Treasury Management Strategy for 2023/2024.

The Council received the Treasury Management Strategy 2023/2024 as set out in the submitted report.  Members noted the Strategy aimed to support the provision of all Council services through the management of the Council’s cash flow, debt and investment operations.

Councillor Cowell proposed and Councillor Long seconded a motion, as set out below:

1.         that the CIPFA Code of Practice: Treasury Management in the Public Services as set out in the Appendix 1 to the submitted report be adopted; and

2.         that Council approve:

a)         Treasury Management Strategy for 2023/24;

b)         the Prudential Indicators 2023/24; and

c)         the Annual Minimum Revenue Provision Policy Statement for 2023/43 as set out in Appendix 2 to the submitted report.

Arising from the debate, the Chief Executive advised on an incorrect reference in the appendices to the Treasury Management Strategy, which were redundant in light of the Council’s approval of the Capital Strategy (as set out in Minute 75 above).  Therefore, changes were made to the original motion in agreement with Councillors Cowell and Long.  The updated motion was then agreed (unanimously) by the Council (by recorded vote) as set out below:

1.         that the CIPFA Code of Practice: Treasury Management in the Public Services as set out in the Appendix 1 to the submitted report be adopted; and

2.         that Council approve:

a)         Treasury Management Strategy for 2023/24, subject to the Section 151 Officer updating the appendices to reflect that the Council no longer pursues investment properties purely for yield;

b)        the Prudential Indicators 2023/24; and

c)         the Annual Minimum Revenue Provision Policy Statement for 2023/43 as set out in Appendix 2 to the submitted report.

The voting was taken by roll call as follows:  For: Councillors Amil, Atiya-Alla, Barrand, Brooks, Brown, Bye, Carter, Cowell, Mandy Darling, Douglas-Dunbar, Dudley, Foster, Howgate, Johns, Kavanagh, Law, Long, Loxton, Mills, O’Dwyer, Pentney, Stockman, David Thomas, Jacqueline Thomas and John Thomas (25);   and Absent:  Councillors Steve Darling, Dart, Ellery, Hill, Kennedy, Barbara Lewis, Chris Lewis, Manning, Morey and Sykes (10).