Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council adopt the Treasury Management Strategy and delegations contained therein.

Reason for Decision: As set out in the report.

The Executive received the report which sought the adoption of the Treasury Management Strategy Report, which incorporated the Annual Investment Strategy 2024/25, as required under section 15(1)(a) of the Local Government Act 2003.

Particular reference was made to:-

·         the £20 million placed with other local authorities and banks, of which, £5 million was placed in the CCLA property fund and £23 million with the money market fund;

·         section 3.2 of the strategy highlighted the physical long-term borrowing undertaken through the Public Works Loan Board (PWLB); and

·         the net interest the Council expected to pay on the General Fund and the HRA was around £1.4 million each.

Councillor M. Mitchell, as an opposition group leader enquired on the £93 million of general fund capital borrowing and whether it went to a specific service and the definition of a UK owned bank.

Councillor Moore, as an opposition group leader enquired on what advice was received for the recommendation on the climate impact council investment.

The Director Finance in responding to questions raised by Members advised:-

·         debt was not assigned to a particular service, however debt for purchased commercial properties was monitored to ensure they were still performing;

·         banks, including HSBC were classed as a UK banking service; and

·         it was difficult to report on deposits and impacts relating to climate impacts, due to how the financial services had been setup.

RECOMMENDED that Council adopt the Treasury Management Strategy and delegations contained therein.