To consider the report of the Finance Group Manager (enclosed).

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.

Considered – Report of the Finance Group Manager.

Other options considered:

None. The approval of the Treasury Management Strategy and prudential indicators is a statutory requirement.