Issue - meetings

To consider a report of the Cabinet Member for Finance & Resources.

The Cabinet Member for Finance & Resources (Councillor Malcolm Allan) submitted a report (copies of which had been circulated) providing a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2022/23 which had been prepared in accordance with the CIPFA Code of Practice for Treasury Management in the Public Services.

RESOLVED - (1) That the report and the treasury activity in the first half of the financial year be noted.

(2) That the revised interest rate forecasts for PWLB rates over the short and medium term, which will drive the Council’s long-term borrowing strategies going forward be noted.

To consider a report of the Cabinet Member for Finance & Resources.

This report provides Cabinet with a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2022/23 approved by Council on 24 February 2022 and has been prepared in accordance with the CIPFA Code of Practice for Treasury Management in the Public Services.

The report provides an economic update for the first six months of 2022/23 and details how this impacts upon the interest rate predictions and outlook provided in the initial strategy.

The Cabinet is requested to recommend that the Council Meeting

(1) Note the report and the treasury activity in the first half of the financial year.

(2) Note the revised interest rate forecasts for Bank Rate and PWLB rates over the short and medium-term, which will drive the Council’s long-term borrowing strategies going forward.

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

The Cabinet Member for Finance & Resources (Councillor Malcolm Allan) submitted a report (copies of which had been circulated) providing a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2022/23 that had been approved by Council on 24 February 2022 and had been prepared in accordance with the CIPFA Code of Practice for Treasury Management in the Public Services.

RESOLVED - (1) That the report and the treasury activity in the first half of the financial year be noted.

(2) That the revised interest rate forecasts for Bank Rate and PWLB rates over the short and medium-term, which will drive the Council’s long-term borrowing strategies going forward, be noted.

To consider a report of the Deputy Chief Executive (Section 151 Officer).

This report provides a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2022/23, approved by Council on 24 February 2022, and has been prepared in accordance with the CIPFA Code of Practice for Treasury Management in the Public Services (revised 2017). It also provides an economic update for the first six months of 2022/23 and details how this impacts upon the interest rate predictions and outlook provided in the initial strategy. 

The Scrutiny Committee is recommended to comment on and note the report.

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

The Deputy Chief Executive (Section 151 Officer) submitted a report (copies of which had been circulated) providing details relating to the mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2022/23, approved by Council on 24 February 2022, and has been prepared in accordance with the CIPFA Code of Practice for Treasury Management in the Public Services (revised 2017).

The Cabinet Member for Finance and Resources (Councillor Malcolm Allan) attended the meeting to respond to questions from the Scrutiny Committee.

The following comments were made/issues raised:-

·       Members expressed their gratitude to the officer team who presented the audit training recently.

·       The Chair requested that a draft report relating to the Environmental Impact Assessment be submitted to the meeting in January 2023 as it was now a legal requirement.

·       Clarification was sought regarding the green ambition and the security, liquidity & yield as it related to the recent training provided. In response, it was noted that the security of investments would become more and more safe as the Council moved towards more sustainable companies and the greener agenda. It was stated that the over-riding priority of the Council was to protect and secure the funds of the council tax payers.

·       Members enquired about how the Council restricted and avoided organisations with bad credentials. In response, it was stated that the information was verified by credit agencies and the external auditors.

·       Members expressed their gratitude to the finance team regarding the steps being taken to reduce the risks, but also how the finances were being managed and the method being adopted.

RESOLVED – That the report be noted.