Issue - meetings

The Leader’s Portfolio

To consider report FIN/674 of the Head of Corporate Finance, which was referred to the meeting of the Overview and Scrutiny Commission on 25 November 2024.

RESOLVED

That the Cabinet notes the report FIN/674 and the treasury activity for the first two quarters of 2024/2025.

Reasons for the Recommendations

The Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice for Treasury Management (the TM Code) 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 presented report FIN/674of the Head of Corporate Finance. The report provided an update on the Council’s Treasury Management Strategy for 2024-2025.

Councillor Ayling presented the Overview and Scrutiny Commission’s comments on the report to the Cabinet following consideration of the matter at its meeting on 25 November 2024, which included requesting that descriptive column headings be added to Detailed Holdings (Appendix 2), and that the Commission sought information, as to the Council’s approach to treasury management and investment. It was noted that investment opportunities were proactively sought, whilst still acting within the Council’s investment limits. The Leader confirmed that changes to the column headings would be made to future reports.

RESOLVED

That the Cabinet notes the report FIN/674 and the treasury activity for the first two quarters of 2024/2025.

Reasons for the Recommendations

The Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice for Treasury Management (the TM Code) 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/674 of the Head of Corporate Finance.

The Commission considered report FIN/674 of the Head of Corporate Finance. The report provided an update on the Council’s Treasury Management Strategy for 2024-2025.

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

·         It was noted it would be beneficial for the Detailed Holdings (Appendix 2) to feature descriptive column headings and it was commented these would feature in future reports.

·         Further information was provided on the council’s approach to treasury management and investment, in that investment opportunities were proactively sought, whilst still acting within the council’s investment limits.

·         Explanation sought and obtained on investments within other sectors together with the risks and implications.

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.