Issue - meetings

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

The Cabinet Member for Finance & Resources (Councillor Jilly Julian) submitted a report (copies of which had been circulated) detailing the annual treasury report reviewing treasury management activities and the actual prudential and treasury indicators for 2023/24.

(1) That the actual 2023/24 prudential and treasury indicators in the report be approved.

(2) That the Annual Treasury Management Report for 2023/24 be noted.

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 2023/24. 

Throughout 2023/24 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 Assistant Director for Finance (Interim 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.

The Cabinet is recommended to request that the Council Meeting:

(1) Approve the actual 2023/24 prudential and treasury indicators in this report.

(2) Note the Annual Treasury Management Report for 2023/24.

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) detailing the Annual Report on the functioning of the Council’s Treasury Management functions for 2023/24.

RESOLVED – That the Council Meeting be recommended to:-

(1) Approve the actual 2023/24 prudential and treasury indicators in this report.

(2) Note the Annual Treasury Management Report for 2023/24.

To consider a report of the Assistant Director of Finance (Interim Section 151 Officer).

The report reviews treasury management activities and the actual prudential and treasury indicators for 2023/24. It also meets the requirements of both the CIPFA Code of Practice on Treasury Management (the Code) and the CIPFA Prudential Code for Capital Finance in Local Authorities (the Prudential Code).

The Scrutiny Committee is recommended to comment on the report and recommend Cabinet to:

(1) approve the actual 2023/24 prudential and treasury indicators in this report; and

(2) note the Annual Treasury Management Report for 2023/24.

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

The Assistant Director of Finance (Interim Section 151 Officer) submitted a report (copies of which had been circulated) which reviewed treasury management activities and the actual prudential and treasury indicators for 2023/24. It also met the requirements of both the CIPFA Code of Practice on Treasury Management (the Code) and the CIPFA Prudential Code for Capital Finance in Local Authorities (the Prudential Code).

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 were encouraged to attend Treasury Management Training scheduled to take place later in the year.

·       Interest rates were expected to fall, but at a slower rate than previously predicted. The Bank of England base rat was expected to be at about 4 per cent by the end of the financial year and continue thereafter to reduce at a more normal rate.

·       There were no plans to alter the cautious approach taken to treasury management. The council would continue to remain compliant with the CIPFA code of practice and in terms of borrowing would look for the best time to take advantage of interest rates.

RESOLVED – That the report noted.