Issue - meetings

To consider a report of the Cabinet Member for Resources, Commissioning & Governance.

The Deputy Leader of the Council and Cabinet Member for Resources, Commissioning and Governance (Councillor Tom McGee) submitted a report (copies of which had been circulated) providing an update on the functioning of the Council’s Treasury Management functions for 2020/21. The report confirmed that during the period in question the Council had complied with its legislative and regulatory requirements and that borrowing had only been undertaken for a capital purpose and the statutory borrowing limit had not been breached.

RESOLVED –That:-

·         approval be given to the actual 2020/21 prudential and treasury indicators in this report; and

·         the annual treasury management report for 2020/21 be noted.

To consider a report of the Cabinet Member for Resources, Commissioning & Governance.

The purpose of this report is to inform the Cabinet on the operation and effectiveness of the Council's Treasury Management function for 2020/21. 

Throughout 2020/21 the Council complied with its legislative and regulatory requirements.  The key actual prudential and treasury indicators detailing the impact of capital expenditure activities during the year, with comparators are found in the main body of the report. 

The Deputy Chief Executive (Section 151 Officer), confirms that borrowing was only undertaken for a capital purpose and the statutory borrowing limit (the authorised limit) was not breached.

The investment activity during the year conformed to the approved strategy and the Council had no liquidity issues.  This annual review report is a backward-looking review of the treasury management operation for the previous financial year and is the last report in the 2020/21 reporting cycle.

The Cabinet is asked to recommend that the Council Meeting:

·         Approve the actual 2020/21 prudential and treasury indicators in this report;

·         Note the annual treasury management report for 2020/21.

Officer contact: Lorna Soufian on 0161 474 4026 or email: lorna.soufian@?stockport.gov.uk.

The Deputy Leader of the Council and Cabinet Member for Resources, Commissioning & Governance (Councillor Tom McGee) submitted a report (copies of which had been circulated) detailing the Treasury Management Annual Report providing information on the functioning of the Council’s Treasury Management functions for 2020/21.

RESOLVED – That the Council Meeting be recommended to:-

·         Approve the actual 2020/21 prudential and treasury indicators in this report; and

·         Note the annual treasury management report for 2020/21.

To consider a report of the Corporate Director (Corporate and Support Services) and Deputy Chief Executive

The report sets out an annual treasury report reviewing treasury management activities and the actual prudential and treasury indicators for 2020/21.

The Scrutiny Committee is invited to comment on the report.

Officer Contact: Lorna Soufian on 0161 474 4026 or email: lorna.soufian@stockport.gov.uk

The Corporate Director, Corporate and Support Services submitted a report (copies of which had been circulated) setting out the annual treasury report reviewing treasury management activities and the actual prudential and treasury indicators for 2020/21.

The Cabinet Member for Resources, Commissioning and Governance (Councillor Tom McGee) attended the meeting to respond to questions from the Scrutiny Committee.

The following comments were made/issues raised:-

·         Support was expressed for the work undertaken by the Council’s treasury management team.

·         A Member enquired whether the Cabinet Member and Officers were comfortable with the Council’s level of borrowing.

·         The issue was raised as to how the team had coped with the extremely volatile nature of their work during the Covid-19 pandemic.

·         In view of the very low interest rates, a Member queried what the scope would be for converting some of the existing borrowing into lower rates.

RESOLVED – That the report be noted.