Issue - meetings

To consider a report of the Cabinet Member for Resources, Commissioning & Governance.

The Deputy Leader of the Council and Cabinet Member for Resources, Commissioning & Governance (Councillor Tom McGee) submitted a report (copies of which had been circulated) detailing a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2021/22.

RESOLVED – (1) That the report and the treasury activity in the first half of the financial year be noted.

(2) That the revised interest rate forecasts for PWLB rates over the short and medium term, which will drive the Council’s long-term borrowing strategies going forward be noted.

To consider a report of the Deputy Leader of the Council and Cabinet Member for Resources, Commissioning & Governance.

This report provides Cabinet with a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2021/22 approved by Council on 25 February 2021 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 2021/22 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 2021/22.

The Cabinet is asked to recommend the following to the Council Meeting:-

·         Note the report and the treasury activity in the first half of the financial year;

·         Note the revised interest rate forecasts for Bank Rate and PWLB rates over the short and medium-term, which will drive the Council’s long-term borrowing strategies going forward.

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

The Deputy Leader of the Council and Cabinet Member for Resources, Commissioning & Governance (Councillor Tom McGee) submitted a report (copies of which had been circulated) providing the Cabinet with a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2021/22 approved by Council on 25 February 2021 and has been prepared in accordance with the CIPFA Code of Practice for Treasury Management in the Public Services.

RESOLVED - That the Council Meeting be recommended to:-

·         Note the report and the treasury activity in the first half of the financial year;

·         Note the revised interest rate forecasts for Bank Rate and PWLB rates over the short and medium-term, which will drive the Council’s long-term borrowing strategies going forward.

To consider a report of the Corporate Director (Corporate and Support Services) and Deputy Chief Executive

The report sets out a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2021/22.

The Scrutiny Committee is recommended to comment on and note the report.

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

The Corporate Director (Corporate & Support Services) and Deputy Chief Executive submitted a report (copies of which had been circulated) setting out a mid-year review of the Council’s Treasury Management Strategy Statement and Annual Investment Strategy for 2021/22.

The Cabinet Member for Resources, Commissioning and Governance (Councillor Tom McGee) attended the meeting to respond to questions from the Scrutiny Committee.

The following comments were made/issues raised:-

·         Officers were thanked for the work carried out in this area.

·         Reference was made to the extension of the roles of the Section 151 Officer in 2019/20 to include a series of new roles in respect of the Capital Strategy and also a specific role in respect of investment in non-financial assets.

RESOLVED – That the report be noted.