Issue - meetings

RECOMMENDED:

1.            THAT THE TREASURY MANAGEMENT STRATEGY STATEMENT WHICH INCLUDES THE ANNUAL TREASURY INVESTMENT STRATEGY FOR 2020/21 (AND THE REMAINDER OF 2019/20) BE APPROVED.

2.            THAT AUTHORITY BE 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.

3.            THAT AUTHORITY BE DELEGATED TO THE SECTION 151 OFFICER, WHO IN TURN DELEGATES TO HAMPSHIRE COUNTY COUNCIL’S DIRECTOR OF CORPORATE RESOURCES, 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.

(CAB3218)

Councillor Cutler (Deputy Leader and Cabinet Member for Finance and Risk), moved that the recommended minute be approved and adopted (seconded by Councillor Learney, Cabinet Member for Asset Management and Housing).

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

RESOLVED:

That the recommended minute of Cabinet  held 12 February 2020 (as follows) be approved and adopted:

1.            That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2020/21 (and the remainder of 2019/20) be approved.

2.            That authority be 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.

3.            That authority be delegated to the Section 151 officer, who in turn delegates to Hampshire County Council’s Director of Corporate Resources, 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.            The Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2020/21 (and the remainder of 2019/20) is approved.

2.            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.

3.            Authority is delegated to the Section 151 Officer, who in turn delegates to Hampshire County Council’s Director of Corporate Resources, 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 introduced the report and stated that a representative from Hampshire County Council Investments team was present to answer any detailed questions.

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

(Audio Recording and Report ref: SC019 & CAB3218)

Councillor Cutler, the Strategic Director: Services (Interim) and the Finance Manager (Capital & Treasury) set out the key proposals within the report. Councillor Cutler advised that following the council’s declaration of a Climate Emergency the Investment Strategy now included a commitment not to make investments either directly or indirectly in companies directly involved in the fossil fuel industry.

The committee asked questions and raised comments which were responded to by officers and Councillor Cutler accordingly. At the conclusion of questions and debate, the committee agreed that there were no particular matters that it wished to raise for Cabinet to further consider.

RESOLVED:

That the Capital Investment Strategy 2020-2030 report be noted.