Issue - meetings

Consideration was given to the report of the Chief Officer Resources which was presented to give Members the opportunity to scrutinise the Treasury Strategy, Investment Strategy and Minimum Revenue Provision Policy (including prudential indicators) to be adopted for the 2021/2022 financial year, prior to formal recommendation to Council.

The Chief Officer Resources spoke to the report and highlighted the main points contained therein.

The Leader of the Labour Group referred to page 45 on Appendix A, regarding the MRP and capital receipts and commented that in 2018 a decision was made to stop retrospective straight line MRP, which was essentially to stop councils banking up debt for the future. However, the Council now finds itself in a position that for 2022/23 it would need to find a substantial sum.  He raised concerns that the Welsh Government had now undertaken to put in place a peer review of Performance Management systems and moving forward this could lead to searching questions regarding how local authorities manage their finances.  He felt that work needed to be undertaken ahead of the peer reviews and a separate fund was needed to take away some of the impending debt from 2022/23 onwards.

The Chief Officer Resources noted the Members comment.

The Committee AGREED to recommend that the report be accepted and endorse Option 2; namely that the Annual Treasury Strategy Statement & Annual Investment Strategy & MRP Policy Statement for 2021/2022 financial year and the Treasury Management Prudential Indicators contained therein (Appendix A) be recommended for formal approval at Council.