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Treasury Management Strategy Annual Investment Strategy Prudential Indicators and Minimum Revenue Provision Policy Statement Non-Treasury Financial Investments

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Treasury Management Strategy Annual Investment Strategy Prudential Indicators and Minimum Revenue Provision Policy Statement Non-Treasury Financial Investments Information Classification: PUBLIC Cornwall Council 2021/22 Annual Treasury Management Strategy Annual Investment Strategy Prudential Indicators and Minimum Revenue Provision Policy Statement Non-Treasury Financial Investments Information Classification: PUBLIC INDEX 1 INTRODUCTION 1.1 Background 1.2 Reporting requirements and Scrutiny 1.3 Scope of Treasury Management Strategy for 2021/22 2 THE CAPITAL PRUDENTIAL INDICATORS 2021/22 – 2023/24 2.1 Capital expenditure 2.2 The Council’s borrowing need - the Capital Financing Requirement 2.3 Minimum Revenue Provision Statement 2021/22 2.4 Affordability prudential indicators 3 TREASURY MANAGEMENT STRATEGY 4 BORROWING 4.1 Current and Forecast portfolio position 4.2 Treasury Indicators: Limits to borrowing activity 4.3 Prospects for interest rates 4.4 Borrowing strategy 4.5 Policy on borrowing in advance of need 4.6 Treasury Management limits on activity 4.7 Lender Option Borrower Option (LOBO) Debt & Risk 4.8 Debt rescheduling and premature repayment 5 ANNUAL INVESTMENT STRATEGY 5.1 Investment Policy 5.2 Investment Counterparty Selection 5.3 Credit Rating Definitions 6 OTHER TREASURY ISSUES 6.1 Performance Indicators 6.2 Policy on the use of Financial Derivatives 6.3 HRA Self Financing 6.4 Member and Officer Training 6.5 External Treasury Management Service Providers 6.6 IFRS 9 - Local Authority Override 7 NON-TREASURY FINANCIAL INVESTMENTS 8 GLOSSARY OF TERMS Information Classification: PUBLIC 1 INTRODUCTION 1.1 Background Cornwall Council is required to operate a balanced budget, which broadly means that cash raised during the year will meet cash expenditure. Part of the treasury management operation is to ensure that this cash flow is adequately planned, with cash being available when it is needed. Surplus monies are invested in counterparties or instruments commensurate with the Council’s risk appetite, providing first and foremost adequate security and liquidity before considering investment return. The second main function of the treasury management service is the funding of the Council’s capital plans. These capital plans provide a guide to the borrowing need of the Council, essentially the longer-term cash flow planning to ensure that the Council can meet its capital spending obligations. This management of longer-term cash may involve arranging long or short term loans, or using longer term cash flow surpluses. On occasion any debt previously drawn may be restructured to meet Council risk or cost objectives. The Chartered Institute of Public Finance and Accountancy (CIPFA) defines treasury management as: “The management of the local authority’s investments and cash flows, its banking, money market and capital market transactions; the effective control of the risks associated with those activities; and the pursuit of optimum performance consistent with those risks.” In terms of Non-Treasury financial and nonfinancial commercial investments the Authority has not engaged in any commercial non- financial investments where the investment is purely for a commercial return. The activity labelled within the Council’s Capital Programme under the heading Investment programme is investment in Cornwall and is primarily to deliver service type outcomes (Housing/Economic Growth) with any investment return secondary. The Authority does though have a number of Non-Treasury Financial Investments/Loans to third parties, these have all been approved at various times through discrete reports but are now covered in a separate section later in this document as required by the latest Government guidance. 1.2 Reporting requirements and Scrutiny In the context of treasury management, Cornwall Council is required to receive and approve, as a minimum, three main reports each year, which incorporate a variety of policies, estimates and actuals. The report on the Annual Management Treasury Strategy, covering the Prudential and Treasury indicators is the first report and covers: Capital plans, including prudential indicators; Minimum Revenue Provision (MRP) policy – how residual capital expenditure is charged to revenue over time; Information Classification: PUBLIC Treasury Management Strategy – how the investments and borrowings are to be organised, including Treasury indicators; and Investment Strategy – how the parameters on investments are to be managed. A mid-year treasury management review updates Members with the progress of the capital position, amending prudential indicators as necessary, and whether the treasury management is meeting the strategy or whether any policies require revision. An annual treasury outturn report provides details of a selection of actual prudential and treasury indicators and actual treasury operations compared to the estimates within the treasury strategy. The Strategy is required to be adequately scrutinised before being recommended to the Council. This role will be undertaken by the Customer and Support Services Overview and Scrutiny Committee. 1.3 Treasury Management Strategy for 2021/22 The Strategy for 2021/22 will cover the following areas: Capital Activity: • Capital plans, in line with the approved budget • Capital prudential indicators including the Capital Financing Requirement (CFR) • Minimum Revenue Provision (MRP) policy Treasury Management Activity: • Current and forecast treasury position • Treasury indicators which limit the treasury risk and activities of the Council • Prospects for interest rates • Borrowing strategy • Policy on borrowing in advance of need • Debt rescheduling • Annual Investment Strategy • Creditworthiness policy • Performance indicators • Policy on the use of financial derivatives • Housing Revenue Account (HRA) self-financing • Member and officer training; and • Policy on use of external service providers. These elements cover the requirements of the Local Government Act 2003, the CIPFA Prudential Code and Treasury Management Code, and Statutory Guidance issued by the Secretary of State (for Housing, Communities and Local Government) on Minimum Revenue Provision and Local Government Investments. Information Classification: PUBLIC This Annual Treasury Management Strategy covers only those investments arising from the Council’s cash flows and debt management activity. In accordance with the Code and recognised best practice guidelines, the security and liquidity of funds are placed ahead of investment return/yield. The power to invest is set out in the Local Government Act, Section 12. The CIPFA Treasury Management Code recognises that organisations may make investments for policy reasons outside normal treasury management activity. Non-financial, or non-treasury investments tend to relate to expenditure powers under Section 1 of the Act and are subject to the guiding principles outlined separately in the Capital Strategy and are outside the scope of this Treasury Management Strategy. Information Classification: PUBLIC 2 THE CAPITAL PRUDENTIAL INDICATORS 2021/22 – 2023/24 In setting a balanced budget, the Council must calculate its budget requirement for each financial year to include the revenue costs that flow from capital expenditure and financing decisions. Under the Local Government Act 2003 and the Prudential Code for Capital Finance in Local Authorities, local authority capital expenditure – and borrowing to finance – is limited to what is affordable, prudent and sustainable. The Council’s capital expenditure plans are the key driver of treasury management activity. The output of the capital expenditure plans is reflected in prudential indicators, which are designed to assist members in their overview and consideration of capital expenditure plans both in terms of affordability and prudence. 2.1 Capital expenditure This prudential indicator is a summary of the Council’s capital expenditure plans, both those agreed previously, and those forming part of this budget cycle: Capital expenditure 2019/20 2020/21 2021/22 2022/23 2023/24 £m Actual Forecast Estimate Estimate Estimate General Fund 147.5 175.1 152.6 60.5 169.7 HRA 31.2 31.2 62.5 85.3 66.9 Commercial activities / 50.4 38.2 77.7 161.4 81.1 non financial investments Total 229.1 244.5 292.8 307.1 317.6 The table below summarises the above capital expenditure plans and how these plans are being financed by capital or revenue resources. Any shortfall of resources results in a funding borrowing need. Capital expenditure 2019/20 2020/21 2021/22 2022/23 2023/24 £m Actual Forecast Estimate Estimate Estimate General Fund 147.5 175.1 152.6 60.5 169.7 HRA 31.2 31.2 62.5 85.3 66.9 Commercial activities / 50.4 38.2 77.7 161.4 81.1 non financial investments Total 229.1 244.5 292.8 307.1 317.6 Financed by: Capital receipts 19.0 23.7 13.0 23.5 29.5 Capital grants 44.2 78.0 63.4 62.5 86.8 Revenue/Reserves 42.5 26.1 39.5 40.5 30.4 Net borrowing need for the year 123.4 116.7 176.9 180.7 171.0 Total financing 229.1 244.5 292.8 307.1 317.6 The two tables above have taken the existing Approved Capital Programme and made adjustments for potential slippage with an allowance for new approvals which may come through from the pre- pipeline list. A reconciliation back to the programme is: Information Classification: PUBLIC 2019/20 2020/21 2021/22 2022/23 2023/24 Actual Forecast Estimate Estimate Estimate Capital Programme 248.7 377.2 369.1 233.8 Tamar Bridge/Torpoint Ferry Adj (4.2) (4.4) (7.0) (1.2) Less Slippage 0.0 (120.0) (180.0) (40.0) Plus allowance for new approvals 0.0 40.0 125.0 125.0 Total 244.5 292.8 307.1 317.6 The funding has been adjusted accordingly. If there is a need to
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