Issue - meetings

Treasury risk management at the Authority is conducted within the framework of the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2017 Edition (the CIPFA Code) which requires the Authority to approve a treasury management strategy before the start of each financial year. This report fulfils the Authority’s legal obligation under the Local Government Act 2003 to have regard to the CIPFA Code.

This report was scrutinised by the Corporate Audit Committee at the 4^th February 2021 meeting, and reported to Cabinet on 11^th February 2021.

The Council considered a report which fulfilled the Authority’s legal obligation under the Local Government Act 2003 to have regard to the CIPFA Code to approve a treasury management strategy before the start of each financial year.

This report was scrutinised by the Corporate Audit Committee at the 4^th February 2021 meeting, and reported to Cabinet on 11^th February 2021.

On a motion from Councillor Richard Samuel, seconded by Councillor Sarah Warren, it was unanimously

RESOLVED to approve actions proposed within the Treasury Management Strategy Statement.

Treasury risk management at the Authority is conducted within the framework of the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2017 Edition (the CIPFA Code) which requires the Authority to approve a treasury management strategy before the start of each financial year. This report fulfils the Authority’s legal obligation under the Local Government Act 2003 to have regard to the CIPFA Code.

Councillor Richard Samuel introduced the report by saying that this was a Strategy that guides the Council’s use of its Treasury funds which is annually reviewed and updated to reflect wider changes in financial markets.  Councillor Samuel highlighted the progress in moving the Council away from investing in funds that support unsustainable environmental activities and investing in funds that meet high ethical and environmental standards. 

Councillor Richard Samuel moved the recommendations as printed.

Councillor Sarah Warren seconded the motion by welcoming the fact that the Council would be moving away from investing in non-ethical and non-environmentally friendly funds.

RESOLVED (unanimously) that the Cabinet agreed to:

1)  Recommend the actions proposed within the Treasury Management Strategy Statement (Appendix 1) to February Council.

2)  Note the Treasury Management Indicators detailed in Appendix 1 and delegate authority for updating the indicators prior to approval at Full Council on 23^rd February 2021 to the Chief Finance Officer and Cabinet Member for Resources, in light of any changes to the recommended budget as set out in the Budget Report elsewhere on the agenda for this meeting.

3)  Note that any comments made by the Corporate Audit Committee at their meeting on the 4^th February 2021 will be reported to Full Council on the 23^rd February 2021.