Issue - meetings

To consider a report of the Borough Treasurer.

This report seeks the views of the Corporate, Resource Management and Governance Scrutiny Committee on the development of the Council’s Treasury Management Strategy Statement, Annual Investment Strategy and Minimum Revenue Provision Policy for 2018/19, to be considered for approval at the Cabinet Meeting on 6 February 2018 and the Council Meeting on 22 February 2018.

The Scrutiny Committee is asked to give due consideration to the questions set out in the report so that the views can be taken into account in the development of the Council’s 2018/19 Treasury Management Strategy Statement.

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

The Borough Treasurer submitted a report (copies of which had been circulated) seeking the views of the Scrutiny Committee on the development of the Council’s Treasury Management Strategy Statement, Annual Investment Strategy and Minimum Revenue Provision Policy for 2018/19, to be considered for approval at the Cabinet Meeting on 6 February 2018 and the Council Meeting on 22 February 2018.

The Leader of the Council (Councillor Alexander Ganotis) attended the meeting to answer councillor’s questions.

On behalf of the Scrutiny Committee the chair commended the Borough Treasurer and his team for their positive efforts in managing the Council’s Treasury Management functions.

The following comments were made/ issues raised:-

·         In light of recent and expected rises in interest rates, further information was sought on what triggers there were within the Strategy that might prompt in borrowing practices. In response it was confirmed that there were a series of triggers and examples of recent changes were give. Assurance was given that borrowing rates were kept under review to seek best value.

·         Concerns were expressed that recent consultations from government and accounting bodies may impact on the Council’s Strategy and were potentially in conflict. In response it was stated that the drivers for some of the changes being consulted on were not relevant to Stockport Council’s practices, but that officers were confident policies could be adapted to any new requirements.

RESOLVED – (1) That the Council Meeting be recommended to approve the Council’s Treasury Management Strategy Statement, Annual Investment Strategy and Minimum Revenue Provision Policy for 2018/19.

(2) That the Borough Treasurer and the Treasury Management Team be commended for their hard work in the stewardship of the Council’s Treasury Management functions.

(3) That the Borough Treasurer be requested to circulate a copy to members of the Scrutiny Committee of the Council’s response to the Department for Communities and Local Government consultation on regulations in relation to investments and Minimum Revenue Provision.