The Leader and Cabinet Member for Finance introduced the report which set-out and sought approval of the proposed Treasury Management Strategy and the Prudential and Treasury Management Indicators for 2022/23.  He said that interest rates would rise because of increased inflation and the Council’s approach was to borrow and invest at low risk.  The Council borrowed through internal means as this was the best way to ensure lower costs.  The Leader and Cabinet Member for Finance explained that the Council did not borrow for income purposes only and said the Sittingbourne Town Centre development was classified as regeneration investment, rather than for income.  He thanked officers for the sound report.

In response to a question on the approved sources of long-term and short-term borrowing, the Director of Resources explained that the Council was a member of the Kent Pension Fund and as such could not borrow from that fund.

Recommended:

(1)      That the Treasury Management Strategy 2022/23 and the Prudential and Treasury Management Indicators be approved.