Councillor Hebb, Portfolio Holder for Finance, stated the Treasury Management Strategy was a critical component of the way Thurrock Council managed cash-flow.  This was linked to the Council’s ambitions of becoming a more commercially focused borough; one where sensible transactions are completed which created revenue returns that could be allocated to spending on the services for Thurrock residents.

Councillor Snell stated that the final report had been presented at the Comprehensive Spending Review and agreed with the recommendations although stated the report could have been more ambitious on the investment strategy.

Councillor Gledhill stated that investment strategy would go forward as a budget item.

Councillor Gledhill referred to an error on Page 85 of the report. That the figure for Prudential Indicators for External Debt 2018/19 Estimate total should have read 937,121 instead of 936,121.

Councillor Hebb recommended that the report go to the vote.

The Mayor called a vote on the recommendations.

Upon being put to the vote, Members voted unanimously in favour of the recommendations, whereupon the Mayor declared the recommendations carried.

RESOLVED:

That the Council:

1.         Approved the Treasury Management Strategy for 2018/19 including approval of the Annual Minimum Revenue Provision (MRP) Statement for 2018/19.

2.         Approved the adoption of the Prudential Indicators as set out in Appendix 1.

3.         Noted the revised 2017/18 and 2018/19 Treasury Management projections as set out in paragraph 2.35.