Issue - meetings

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

The purpose of this report is to inform the Cabinet on the operation and effectiveness of the Council's Treasury Management function for quarter one of 2023/24.

The Treasury Management Strategy, Annual Investment Strategy and Minimum Revenue Provision Policy 2023/24 approved by Council on 23 February 2023, outlined that the Council is required to receive and approve, as a minimum, three main reports each year, which incorporate a variety of polices, estimates and actuals. 

This quarter one report therefore updates Members with progress on the treasury and capital position of the Council.

The Cabinet is recommended to note the report, the treasury activity and recommend approval of any changes to the prudential indicators.

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

The Cabinet Member for Finance & Resources (Councillor Jilly Julian) submitted a report (copies of which had been circulated) providing an update on the operation and effectiveness of the Council's Treasury Management function for quarter one of 2023/24.

RESOLVED – That the report and the treasury activity be noted.

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

The report updates the Committee on treasury management activities and ensures that the council is implementing best practice in accordance with the CIPFA (Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management.

The Scrutiny Committee is recommended to note the report and recommend any changes to the prudential indicators.

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

The Deputy Chief Executive (Section 151 Officer) submitted a report (copies of which had been circulated) updating the Committee on treasury management activities and ensuring that the council was implementing best practice in accordance with the CIPFA (Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management.

The Cabinet Member for Finance and Resources (Councillor Jilly Julian) attended the meeting to respond to councillors’ questions.

It was confirmed that some investments which were held for cashflow and liquidity purposes had increased as a result of the Bank of England base-rate increase, and this position had been reflected in the report.

RESOLVED – That the report be noted.