Decision details

Councillor Lunn, Lead Executive Member for Finance and Resources presented the proposed Treasury Management Strategy together with the Minimum Revenue Provision Policy Statement, Annual Investment Strategy for 2018/19, Capital Strategy 2018/19 and Prudential Indicators 2018/19 as required by the Department of Communities and Local Government and CIPFA.

The Lead Executive Member for Finance and Resources highlighted that the strategy included a new ‘capital strategy’ which sets out in broad terms the proposed approach to alternative investments – a new requirement driven by the growing practice of councils pursuing commercial investments.

The Lead Executive Member for Finance and Resources also highlighted the inclusion of property funds in the Council’s list of investments advising that North Yorkshire County Council was in the process of assessing such funds and it was expected that Selby would have the option to join these funds should this be considered beneficial.

RESOLVED:

                        To recommend the following to Council:

i)             The Operational Borrowing Limit for 2018/19 is set at £79m.

ii)            The Authorised Borrowing Limit for 2018/19 is set at £84m.

iii)           Councillors delegate authority to the Chief Finance Officer to effect movement within the agreed authorised boundary limits for long-term borrowing for 2018/19 onwards.

iv)           Councillors delegate authority to the Chief Finance Officer to effect movement within the agreed operational boundary limits for long-term borrowing for 2018/19 onwards.

v)            The treasury management strategy statement 2018/19 be approved.

vi)           The minimum revenue provision policy statement for 2018/19 be approved.

vii)         The treasury management investment strategy for 2018/19 be approved.

viii)        The prudential indicators for 2018/19 which reflect the capital expenditure plans which are affordable, prudent and sustainable be approved.

ix)           The Capital Strategy for 2018/19 be approved.

REASON FOR THE DECISION

To ensure the Council’s Treasury Management Strategy and associated policies are prudent and affordable.