RECOMMENDATIONS:

That Cabinet recommends to Council:

1.            That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2023/24 (and the remainder of 2022/23) is approved;

2.            That authority is delegated to the Section 151 Officer to manage the council’s high yielding investments portfolio and long-term borrowing according to the Treasury Management Strategy Statement as appropriate; and

3.            That authority is delegated to the Section 151 Officer, who in turn discharges this function to Hampshire County Council’s Director of Corporate Operations, as agreed in the Service Level Agreement, to manage all council investments (other than the high yield portfolio) and short-term borrowing according to the Treasury Management Strategy Statement as appropriate.

Councillor Power (Cabinet Member for Finance and Value) moved that the recommended minute of Cabinet be approved and adopted (seconded by Councillor Cutler).

Council proceeded to ask questions and debate the matters in the recommended minute of Cabinet and the report.

RESOLVED:

That the recommended minute of Cabinet held 9 February 2023 (as follows) be approved and adopted:

1.            That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2023/24 (and the remainder of 2022/23) be approved;

2.            That authority is delegated to the Section 151 Officer to manage the council’s high yielding investments portfolio and long-term borrowing according to the Treasury Management Strategy Statement as appropriate; and

3.            That authority be delegated to the Section 151 Officer, who in turn discharges this function to Hampshire County Council’s Director of Corporate Operations, as agreed in the Service Level Agreement, to manage all council investments (other than the high yield portfolio) and short-term borrowing according to the Treasury Management Strategy Statement as appropriate.

That it be recommended to Council*:

1.     That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2023/24 (and the remainder of 2022/23) is approved;

2.     That authority is delegated to the Section 151 Officer to manage the council’s high yielding investments portfolio and long-term borrowing according to the Treasury Management Strategy Statement as appropriate; and

3.     That authority is delegated to the Section 151 Officer, who in turn discharges this function to Hampshire County Council’s Director of Corporate Operations, as agreed in the Service Level Agreement, to manage all council investments (other than the high yield portfolio) and short-term borrowing according to the Treasury Management Strategy Statement as appropriate

*NB recommendations to Council are not subject to call-in.

The Leader welcomed Andrew Boutflower (Hampshire County Council, Head of Investments and Borrowing).

Councillor Power introduced the report and highlighted the key changes since the previous year.  She provided an update of the matters discussed during consideration of this report at Scrutiny Committee on 7 February 2023 which were noted by Cabinet.  The Committee did not forward any issues for the attention of Cabinet. 

One member raised a query regarding the treatment of community infrastructure levy (CIL) funding received and specifically whether there was any requirement to return unspent monies.  The Strategic Director and Monitoring Officer explained that this depended on the decision and agreement made in each case

Cabinet agreed to the following for the reasons set out above and outlined in the report.

RECOMMENDED (TO COUNCIL):

1.              That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2023/24 (and the remainder of 2022/23) is approved;

2.              That authority is delegated to the Section 151 Officer to manage the council’s high yielding investments portfolio and long-term borrowing according to the Treasury Management Strategy Statement as appropriate; and

3.              That authority is delegated to the Section 151 Officer, who in turn discharges this function to Hampshire County Council’s Director of Corporate Operations, as agreed in the Service Level Agreement, to manage all council investments (other than the high yield portfolio) and short-term borrowing according to the Treasury Management Strategy Statement as appropriate.

Report reference: SC083 and CAB3390

Recommendation

It is recommended that scrutiny committee comment on the proposals within the attached cabinet report, ref CAB3390 which is to be considered by cabinet at its meeting on the 9 February 2023.

Councillor Power, Cabinet Member for Finance and Value; introduced the report, ref SC083 and CAB3390 which set out the proposed treasury management strategy statement for 2023/24 and was available on the council’s website here.

The report recommended that the committee comment on the proposals within the attached cabinet report, ref CAB3390 which was to be considered by the cabinet at its meeting on 9 February 2023.

The committee proceeded to ask questions and debate the report in detail. In summary, questions relating to the following matters were raised.

1.             Further information regarding the pooled property fund.

2.             Clarification of the key principles of the investment strategy.

3.             The benefit of members attending the annual Arlingclose briefing every year.

These points were responded to by Councillor Power, Cabinet Member for Finance and Value, Andrew Boutflower, Head of Borrowing and Investments, Hampshire County Council, and Neil Aitken, Service Lead – Finance accordingly and were noted by Councillor Power, Cabinet Member for Finance and Value.

RESOLVED

1.    That the report be noted

2.    That cabinet considers all the committee’s comments raised during the discussion of the item.