Issue - meetings

To consider a report of the Executive Councillor (Corporate, Customer & Community Services).

The Deputy Leader of the Council (Corporate, Customer and Community Services) (Councillor Iain Roberts) submitted the Treasury Management Strategy and Annual Investment Strategy, Mid-Year Review Report 2014/15 (copies of which had been circulated).

RESOLVED – (1) That the Treasury Management Strategy and Annual Investment Strategy, Mid-Year Review Report 2014/15 report be received in line with best practice guidelines.

(2) That the treasury activity for the first half of the financial year be noted.

(3) That approval be given to changes to the Council’s credit methodology whereby counterparties would no longer be able to gain a slightly higher credit score from additional viability, financial strength and support ratings.

To consider a report of the Corporate Director for Corporate and Support Services.

The report provides the Scrutiny Committee with a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2014/15 approved by Council on 27 February 2014 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 2014/15 and details how this impacts upon the interest rate predictions and outlook provided in the initial strategy.  An overview is provided of more recent forecasts and developments in the financial markets and how these are affecting the Council’s investment portfolio and borrowing strategies for the current financial year.   A review is provided of the Council’s capital expenditure prudential indicators and compliance with Treasury and Prudential Limits for 2014/15.

There are no key changes required to the Treasury Management and Capital strategies for 2014/15, which continue to be relevant and effective.

The Executive at its meeting on 11 November 2014, recommended that the Council Meeting receive the Treasury Management Strategy and Annual Investment Strategy Mid-Year Review Report 2014/15 in line with best practice guidelines, noted the report and the treasury activity in the first half of the financial year, and approved changes to the Council’s credit methodology whereby counterparties will no longer be able to gain a slightly higher credit score from additional viability, financial strength and support ratings.

The Scrutiny Committee is invited to recommend that the Council Meeting receive this report in line with best practice guidelines and note the report and the treasury activity in the first half of the financial year.

Officer contact: Lorna Soufian, 0161 474 4026, lorna.soufian@stockport.gov.uk

The Corporate Director for Corporate and Support Services submitted a report (copies of which had been circulated) providing the Scrutiny Committee with a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2014/15 approved by Council on 27 February 2014 which had been prepared in accordance with the CIPFA Code of Practice for Treasury Management in the Public Services.

The report provided an economic update for the first six months of 2014/15 and detailed how this impacted upon the interest rate predictions and outlook provided in the initial strategy.  An overview was provided of more recent forecasts and developments in the financial markets and how these were affecting the Council’s investment portfolio and borrowing strategies for the current financial year.   A review was provided of the Council’s capital expenditure prudential indicators and compliance with Treasury and Prudential Limits for 2014/15.

There were no key changes required to the Treasury Management and Capital strategies for 2014/15, which continued to be relevant and effective.

It was noted that the report had been considered by the Executive at its meeting on 11 November 2014.

The Deputy Executive Leader and Portfolio holder for Corporate, Customer and Community Services (Councillor Iain Roberts) attended the meeting to answer members questions.

The following comments were made/issues raised:-

·         The training for members in relation to Treasury Management earlier in the day was welcomed.

·         It was likely that over the next 6-12 months the Council would be required to undertaking some long term borrowing should the Council’s balances reduce.

RESOLVED – That that the Council Meeting be recommended to receive the report in line with best practice guidelines and note the report and the Treasury activity in the first half of the financial year.

To consider a report of the Executive Councillor (Corporate, Customer & Community Services)

This report provides the Executive with a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2014/15 approved by Council on 27 February 2014 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 2014/15 and details how this impacts upon the interest rate predictions and outlook provided in the initial strategy.  An overview is provided of more recent forecasts and developments in the financial markets and how these are affecting the Council’s investment portfolio and borrowing strategies for the current financial year.   A review is provided of the Council’s capital expenditure prudential indicators and compliance with Treasury and Prudential Limits for 2014/15.

There are no key changes required to the Treasury Management and Capital strategies for 2014/15, which continue to be relevant and effective.

The Executive is asked to recommend that the Council Meeting receive this report in line with best practice guidelines and

·         note the report and the treasury activity in the first half of the financial year, and

·         approve changes to the council’s credit methodology whereby counterparties will no longer be able to gain a slightly higher credit score from additional viability, financial strength and support ratings.

Officer contact: Lorna Soufian, 0161 474 4026, lorna.soufian@stockport.gov.uk

The Executive Councillor (Corporate, Customer & Community Services) submitted a report (copies of which had been circulated) providing the Executive with a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2014/15 agreed by the Council Meeting, providing an economic update on the first six months of the year and the impact of this on interest rate predictions and outlook provided in the initial strategy.

RESOLVED – That the Council Meeting be recommended to receive the Treasury Management Strategy and Annual Investment Strategy Mid-Year Review Report 2014/15 in line with best practice guidelines, note the report and the treasury activity in the first half of the financial year, and approve changes to the Council’s credit methodology whereby counterparties will no longer be able to gain a slightly higher credit score from additional viability, financial strength and support ratings.