Issue - meetings

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

The report seeks 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 2022/23, to be considered for approval at the Cabinet Meeting on 1 February 2022 and the Council Meeting on 24 February 2022.

The Scrutiny Committee is invited to consider the questions set out in the report so that its views can be taken into account in the development of the Council’s 2022/23 Treasury Management Strategy Statement.

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) 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 2022/23, to be considered for approval at the Cabinet Meeting on 1 February 2022 and the Council Meeting on 24 February 2022.

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:-

·         With regard to the questions for consideration in the Borrowing Strategy, as set out in paragraph 9.19 of the report, Members were generally in agreement that the borrowing strategy outlined in Section 9 of the report was reasonable. Members felt that the strategy was ‘risk appropriate’.

·         With regard to the question for consideration in paragraph 11.5 of the report, Members were in general agreement that the Council’s Minimum Revenue Provision Policy was sufficiently prudent.

·         The Council could consider ethical investments as part of its investment portfolio. However, investment guidance, both statutory and from CIPFA, made clear that all investments must adopt the principles of Security, Liquidity and Yield. As such, ethical issues, i.e. the green agenda, must play a subordinate role in these priorities. The Council would set out more fully its approach to such investments in the Treasury Management Strategy Statement for 2022/23 with regard to Environmental, Social and Governance issues. Climate change needed to be embedded in everything the Council did, including treasury management.

RESOLVED – That the report be noted.