Issue - meetings

The Committee considered a report of the Director of Operations presenting the Treasury Management Strategy Statement for 2022/23 to 2024/25.

Members heard that:

·         A new section had been included in the report this year, which outlined the liability benchmark and demonstrated that the County Council had no requirement to borrow over the forecast period.

·         Investments were managed through limits within the strategy. The strategy proposed included temporarily increased counterparty limits from £70m to £90m per organisation due to temporarily increased cash balances as a result of capital programme delays resulting from the Covid-19 pandemic and the receipt of grant that was due to be spent. Members heard that increased limits would ensure that the investment portfolio could be invested in accordance with the strategy.

·         Arlingclose had updated their position in February with a forecast for two further interest rate rises during 2022. Members were advised that this position could change again during the course of the year ahead.

RESOLVED:

That the Audit Committee notes the following recommendations that have been made to Cabinet:

·         That the Treasury Management Strategy for 2022/23 (and the remainder of 2021/22) be approved.

·         That authority is delegated to the Director of Corporate Operations to manage the County Council’s investments and borrowing according to the Treasury Management Strategy Statement as appropriate.