Issue - meetings

The Cabinet considered a report on the strategy statement for the treasury management and investments in relation to Bromsgrove District Council so as to comply with the Local Government Act 2003 and to ensure the Council demonstrated accountability and effectiveness in the management of its funds.

RESOLVED that the strategy and prudential indicators as set out in Appendix A and B to the report be approved.

RECOMMENDED:

(a)     that the Council approve the Authorised Limit for borrowing at £6,000,000 as required by CIPFA (this is the same as the Affordable Borrowing Limit as required by Section 3(1) of the Local Government Act 2003);

(b)     that the Council approve the maximum level of investment to be held within each organisation (i.e. bank or building society) as detailed at £3m subject to market conditions; and

(c)     that the Council approve an unlimited level for investment in Debt Management Account Deposit Facility (DMADF).