Decision

RECOMMENDATIONS TO COUNCIL

 

1.   
That the capital prudential indicators and limits for 2024/25 to
2028/29 are approved.
 

2.   
That the Treasury Management Strategy for 2024/25 and the treasury
prudential indicators are approved.
 

3.   
That the Investment Strategy for 2024/25 be approved.
 

4.   
That the Minimum Revenue Provision (MRP) Statement for 2024/25 be
approved.
 

5.   
That delegated authority be granted to the Executive Director
(Section 151), in consultation with the portfolio holder for
Finance, Performance, and People, to decide whether to redeem its
holding in the Lothbury Property Trust,
or to transfer its investment to the proposed merger outlined at
paragraph 4.3 of the report.
 
Reasons:
 

1.   
The Local Government Act 2003 and supporting regulations requires
the Council to “have regard to” the CIPFA Prudential
Code and the CIPFA Treasury Management Code of Practice to set
Prudential and Treasury Indicators for the next three years to
ensure that the Council’s capital investment plans are
affordable, prudent, and sustainable.
 

2.   
The Act requires the Council to set out its treasury strategy for
borrowing and to prepare an Annual Investment Strategy. This covers
the Council’s criteria for choosing investment counterparties
and limiting exposure to the risk of loss.
 

3.   
The Act also requires the Council to undertake an annual review of
its policy for calculating the minimum revenue provision (MRP) for
repayment of external debt.
 

4.   
The timing of the proposed merger of the Lothbury Property Trust with an alternative
property fund is such that the Council will only have a short
window of opportunity to make its decision regarding
the future of its property fund investment.