Issue - meetings

Treasury Management Strategy 2022/23

(Report CAB3333 refers)

Extract of draft minute of Cabinet to follow

RECOMMENDED:

That Cabinet recommends to Council :-

1.            That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2022/23 (and the remainder of 2021/22) 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.

1.            That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2022/23 (and the remainder of 2021/22) 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 Cutler (Deputy Leader and Cabinet Member for Finance and Service Quality) moved that the recommended minute of Cabinet be approved and adopted (seconded by Councillor Weir).

Council noted that that the corresponding recommended minute of Cabinet held 17 February 2022 was included with the supplementary agenda after the statutory deadline. The Deputy Mayor agreed to accept the recommended minute onto the agenda, because of the urgent need for Council to consider this alongside Report CAB3333.

RESOLVED:

That the recommended minute of Cabinet held 17 February 2022 (as follows) be approved and adopted:

1.            That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2022/23 (and the remainder of 2021/22) 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

That it be recommended to Council*:

1.     That the Treasury Management Strategy Statement which includes the Annual Treasury Investment Strategy for 2022/23 (and the remainder of 2021/22) 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

Councillor Cutler introduced the report and stated that this report had been considered by the Scrutiny Committee at its meeting on the 15 February 2022 where a number of questions were responded to but the committee did not ask for any specific issues to be considered by Cabinet. 

Cabinet agreed 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 2022/23 (and the remainder of 2021/22) 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 Ref: SCO60 & CAB3333

RECOMMENDATION:

It is recommended that scrutiny committee comment on the proposals within the attached cabinet report, ref CAB3333 which is to be considered by cabinet at its meeting on the 17 February 2022.

Report reference Report Ref: SCO60 & CAB3333

Councillor Cutler, Cabinet Member for Finance and Service Quality and the Strategic Director introduced the report, ref CAB3333 which set out the proposed treasury management strategy statement and the annual investment strategy for 2022/23 and was available on the councils website here. 

The report recommended that the committee comment on the proposals within the attached cabinet report, ref CAB3333 which was to be considered by the cabinet at its meeting on 17 February 2022.

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

·       the pooled property fund 

·       the budget for Strategic Asset Purchase (SAP) scheme

·       the borrow for investment for yields, 

·       the assumption regarding the prediction in only 1 increase in base rates

These points were responded to by Councillor Cutler, Councillor Tod, and officers accordingly, and were noted by the cabinet members present at the meeting.

RESOLVED:

1.    That the report be noted

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