Issue - meetings

The Leader’s Portfolio

To consider report FIN/538 of the Head of Corporate Finance, which was referred to the meeting of the Overview and Scrutiny Commission held on 22 November 2021.

RESOLVED

That the Cabinet notes the report and the Council’s treasury activity for the first two quarters of 2021/2022.

Reasons for the Recommendations

The CIPFA (Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management recommends that members be updated on treasury management activities regularly (Treasury Management Strategy, annual and mid-year reports).  This report, therefore, ensures this Council is implementing best practice in accordance with the Code.

The Leader of the Council presented report FIN/538of the Head of Corporate Finance.  The report provided an update on the Council’s Treasury Management Strategy for the first two quarters of 2021/22. The Leader emphasised that the income gained by its investment was used as revenue to support services. It was noted that the Council prioritises its investments as security of capital, liquidity, yield and ethical.

Councillor T Belben presented the Overview and Scrutiny Commission’s comments on the report to the Cabinet following consideration of the matter at its meeting on 22 November 2021, including praising officers for the in-house investments.

RESOLVED

That the Cabinet notes the report and the Council’s treasury activity for the first two quarters of 2021/2022.

Reasons for the Recommendations

The CIPFA (Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management recommends that members be updated on treasury management activities regularly (Treasury Management Strategy, annual and mid-year reports).  This report, therefore, ensures this Council is implementing best practice in accordance with the Code.

To consider report FIN/538 of the Head of Corporate Finance.

The Commission considered report FIN/538 of the Head of Corporate Finance. The report provided an update on the Council’s Treasury Management Strategy for 2021/22.

During the discussion with the Leader of the Council, Head of Corporate Finance and Chief Accountant, Councillors made the following comments:

·        Confirmation sought and obtained on the lease surrounding Kingsgate car park. It would now be run as a Council owned car park once essential works were carried out and it was hoped it would be opened shortly, being in a prime location to the shops and the new town hall.

·        Praise was offered for the in-house investments.

RESOLVED

That the Commission noted the report and requested that the views expressed during the debate, were fed back to the Cabinet through the Commission’s Comment sheet.