Issue - meetings

To receive the report of the Chief Executive and Director – Finance and Procurement (S151 Officer).

Resolved:

Cabinet approves:

a)    the amendments to the Third Party Loans Policy (paragraphs 13-16 and Appendix 3).

Cabinet notes:

b)    that the contents of this report are in line with the Treasury Management Strategy 2024/25.

c)    the performance of the Council’s investments and borrowings against the parameters set out in the approved Treasury Management Strategy for 2024/25

Reason for Decision:

To give members an opportunity to consider the performance of the Council in the period to 30 September 2024 against the parameters set out in the approved Treasury Management Strategy for 2024/25.

Cllr Nick Botterill, Cabinet Member for Finance, Development Management and Strategic Planning presented the half year report on the Treasury Management Strategy 2024/25, as adopted by Full Council on 20 February 2024, covering the period 1 April 2024 to 30 September 2024.

It was stated the council had not taken out any new long term borrowing (loans) during 2024/25, but some may be taken towards the end of the financial year, to unwind some of the Council’s under-borrowed position. The Council has not exceeded any of its prudential indicators for the half year. 

One public question was received for the meeting and this was included in the published agenda supplement together with written responses prior to this meeting.

Cllr Graham Wright, Chairman of the Overview and Scrutiny Management Committee reported that the Committee would be considering the report on 27 November 2024. He also reported that the Financial Planning Task Group considered the report on 15 November 2024 and were reassured that the Council were not being exposed to any risks. The Management Committee would be meeting on 2 December 2024 to consider further how they undertake their scrutiny function of Council finances.

Cllr Gavin Grant, Vice-Chairman of the Financial Planning Task Group, emphasised the need to allow for adequate review of the treasury management report. He explained there were a number of factors that prevented this from taking place on this occasion. The Task Group were satisfied about the security on previous Wiltshire loans and noted the Governments moves in relation to the potential for future investment of Local Government Pension Scheme funds.

The Leader reported that it was clear that the Government was looking at a preference for combined authorities with an area of over 1.5m people and a Mayoral system with oversight of LEP funding. He indicated that he was not in favour of the Mayoral system but recognised that the Council would have to reluctantly embrace this system sooner rather than later.

Councillor Ian Thorn commented on the opportunity to discuss a Select Committee to cover financial issues, and he aligned with the Leaders views on the Mayoral system.

Resolved:

Cabinet approves:

a)    the amendments to the Third Party Loans Policy (paragraphs 13-16 and Appendix 3).

Cabinet notes:

b)    that the contents of this report are in line with the Treasury Management Strategy 2024/25.

c)    the performance of the Council’s investments and borrowings against the parameters set out in the approved Treasury Management Strategy for 2024/25

Reason for Decision:

To give members an opportunity to consider the performance of the Council in the period to 30 September 2024 against the parameters set out in the approved Treasury Management Strategy for 2024/25.