Agenda item

Members considered the report which requested approval of the over-arching Treasury Management Policy Statement and the Annual Treasury Management and Investment Strategy.

In introducing the report the Chief Finance Officer highlighted the following issues:

·         An amendment to the accounting standard for leases for which an extra half million had been identified to accommodate this.

·         In providing financial services to the Peak District National Park Foundation the Authority will borrow funds from the Foundation in return for the same investment rate earned by the Authority through its Investment Strategy with North Yorkshire County Council.

·         The recent Bank of England cut in interest rates could mean a shortfall of up to £50,000 but this will be reviewed at mid-year.

In response to Members’ queries the Chief Finance Officer stated that the reduction in finance from revenue estimated for 2022/23, shown in paragraph 6 of Appendix 2 of the report, was due to the use of reserves for one off projects and he would email a fuller explanation to Members after the meeting.  He also answered a query regarding ethical investment.

The recommendation was moved, seconded, put to the vote and carried.

RESOLVED:

1.    That the Authority approves the Treasury Management Policy Statement in Appendix 1 of the report.

2.    That the Authority approves the Annual Treasury Management and Investment Strategy in Appendix 2 of the report, with specific approval of the Prudential Indicators and borrowing limits (paragraphs 5-13), and the policy on Minimum Revenue Provision (paragraphs 14-15), and adopts the Investment Strategy of North Yorkshire County Council (Appendix 3 of the report).