Issue - meetings

RECOMMENDATIONS:

1.           That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2024/25 (and the remainder of 2023/24) be approved;

2.           That authority be delegated to the Section 151 Officer to manage the Council’s pooled property investment 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 Deputy Chief Executive and 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 Cutler (Cabinet Member for Finance and Performance) moved that the recommended minute of Cabinet be approved and adopted (seconded by Councillor Tod, Leader and Cabinet Member for Asset Management).

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

RESOLVED:

That the recommended minute of Cabinet held 8 February 2024 (as follows) be approved and adopted:

1.              That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2024/25 (and the remainder of 2023/24) be approved;

2.              That authority be delegated to the Section 151 Officer to manage the Council’s pooled property investment 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 Deputy Chief Executive and 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 Cabinet recommends to Council*:

1.       That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2024/25 (and the remainder of 2023/24) be approved;

2.       That authority be delegated to the Section 151 Officer to manage the Council’s pooled property investment 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 Deputy Chief Executive and 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.

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 2024/25 (and the remainder of 2023/24) be approved;

2.           That authority be delegated to the Section 151 Officer to manage the Council’s pooled property investment 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 Deputy Chief Executive and 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.

RECOMMENDATION:

It is recommended that scrutiny committee comment on the proposals within the attached cabinet report, ref CAB3446 which is to be considered by cabinet at its meeting on the 8 February 2024.

Councillor Cutler, Deputy Leader and Cabinet Member for Finance and Performance introduced the report, ref CAB3446 which set out proposals for the Treasury Management Strategy 2024/25, (available here).  The introduction included the following points.-

1.    The strategy was an annual requirement under the Treasury Management Code.

2.    It was prepared with input from Hampshire County Council's Investments and Borrowing Team, which is responsible for managing cash balances, investing surplus funds, and sourcing short-term borrowing.

3.    The document outlined the forecasted borrowing need, derived from the Capital Investment Strategy and the budgets for the General Fund and the Housing Revenue Account (HRA).

4.    It detailed the Borrowing Strategy, the Investment Strategy, and the Treasury Management Prudential Indicators.

5.    The strategy was largely consistent with previous years.

6.    Officers from Hampshire County Council and Winchester City Council were present to answer any questions.

The committee was asked to comment on the proposals within the attached cabinet report, ref CAB3446 which is to be considered by the cabinet at its meeting on 8 February 2024. The committee noted the content of the report.

RESOLVED

1.    That the report be noted.