Councillor J. Kent, Leader of the Council, presented the report which set out the Annual Borrowing and Investment Strategy and the Annual Minimum Revenue Provision Statement. It was stated that the function had again contributed towards protecting front line services and would be used to facilitate the housing development programme for the borough; thorough building schemes such as Gloriana.

Councillor J. Kent stated that it was unfair for Councillor Hebb to ask why the Council were not doing more to help residents buy their own homes when schemes like Gloriana and Shared Equity were available.

Councillor J. Kent summed up by stating that the report was important in what it aimed to achieve and deliver and therefore he moved the recommendations.

Councillor Gledhill thanked Sean Clark for the excellent report and that it delivered what the borough needed to improve, which in turn would improve the business rate income.

Councillor Ray thanked Councillor J. Kent for his presentation and Sean Clark for the thorough report.

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

RESOLVED

1.         That the Council approve the Treasury Management Strategy for 2016/17 and its application to 2015/16 including approval of the Annual Minimum Revenue Provision (MRP) Statement for 2016/17 and its application to 2015/16.

2.         That the Council approve the adoption of the Prudential Indicators as set out in the report.

3.         That the delegate the approval of any changes to the Prudential Indicators to Cabinet where required due to the delivery mechanism for affordable homes in the borough as outlined in the report

4.         That the Council note the revised 2015/16 and 2016/17 Treasury Management projections as set out in the report.