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 three 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. 

To supplement these central reports which are tabled at Council, the Cabinet and CRMG are provided with treasury performance monitoring reports at quarter one and quarter three of the financial year. These reports detail activities undertaken, variations (if any) from agreed policies/practices and present treasury performance monitoring information. The reports, specifically, also comprise updated Treasury/Prudential Indicators.

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 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 three of 2023/24.

RESOLVED - (1) That the report and treasury activity be noted.

(2)  That approval be given to any necessary changes to the prudential indicators.

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

The report provides an update on the operation and effectiveness of the Council's Treasury Management function for quarter three of 2023/24, and includes progress on the treasury and capital position of the Council.

The Scrutiny Committee is recommended to note the report and treasury activity.

Officer contact: Lorna Soufian on 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) providing an update on the operation and effectiveness of the Council's Treasury Management function for quarter three of 2023/24 and included progress on the treasury and capital position of the Council.

The Cabinet Member for Finance & Resources (Councillor Jilly Julian) attended the meeting to respond to councillor’s questions.

The following comments were made/ issues raised:-

·         Members queried whether the announcement that the UK was in recession and that interest rates were to remain at the same levels affected the contents of the report.

·         In response it was stated that the two fiscal announcements did not materially affect the contents of the report. The recession was predicted to be a mild, technical recession and the council was not considering borrowing at longer term maturity.

·         Members commented on the government’s handling of the economy.

RESOLVED – That the report be noted.