Decision Maker: Mid Suffolk Cabinet, Babergh Cabinet, Babergh Council, Mid Suffolk Council
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: No
To approve the Joint capital, Investment and
Treasury Management Strategies for 2020/21
21.1 Sue Palmer, Senior Financial Services Officer introduced paper JAC/19/10 and explained that there were no significant changes in the format and that the report had been updated to reflect the latest capital expenditure, investment and borrowing and the latest treasury management investment and borrowing positions of the council.
21.2 The Senior Financial Services Officer also explained the appendices within the report and raised any key aspects and informed members that the tabled paper of changes only related to 2023/24.
21.3 Councillor Hurren enquired why there were no completion dates for the property investments on page 377 of the report.
21.4 The Assistant Director – Corporate Resources replied that information was not available.
21.5 Councillor Matthissen stated that in paragraph 9.5 of the minutes from the last meeting Councillor Lindsey enquired what proportion of investments were in fossil fuels and following discussions with Councillor Lindsey he would like to enquire if the Council could ask the various investment funds if they provided a tracker fund which excluded fossil fuel investment and if this could be written into the strategy.
21.6 Councillor Hurren replied that he believed this was already covered in paragraph 11.1.
21.7 Councillor Matthissen disagreed and said that this was not sufficient.
21.8 Councillor McCraw asked how this could be achieved and suggested that it would be better placed in the Corporate Plan.
21.9 Councillor Caston stated that there were a Climate Change Working Group that was investigating procurement and that he would also raise this issue at the next meeting.
21.10 The Deputy Monitoring Officer informed the meeting that this was not within the powers of the Audit and Governance Committee. Treasury Management was a council function and that any decision to change the investment strategy would need to go to full council for agreement.
21.11 Councillor Matthissen asked that it still be flagged up in regards of investments.
21.12 Councillor Amorowson stated that finance was audited on ethics and did the environment not count as ethics.
21.13 Councillor McCraw said environment was not in the definition of ethics.
21.14 Councillor McCraw proposed a potential addition to the recommendations to be taken to Cabinet and Council as follows:-
Potential Recommendation 3.8
That Officers and Members, Working Parties and whatever mechanisms have been set up commence exploring alternative investment strategies that take greater account of the Council’s own declaration of a climate change emergency
The recommendations to both Cabinets and Councils with the addition of recommendation 3.8 was Proposed by Councillor McCraw and Seconded by Councillor Amorowson. By 7 votes for, no votes against and 2 abstentions.
It was RESOLVED:-
That the following be approved
(1) The Joint Capital Strategy for 2020/21, including the Prudential Indicators, as set out in Appendix A of the report.
(2) The Joint Investment Strategy for 2020/21, as set out in Appendix B of the report.
(3) The Joint Treasury Management Strategy for 2020/21, including the Joint Annual Investment Strategy as set out in Appendix C of the report.
(4) The Joint Treasury Management Indicators as set out in Appendix D of the report.
(5) The Joint Treasury Management Policy Statement as set out in Appendix G of the report.
(6) The Joint Minimum Revenue Provision Statement as set out in Appendix H of the report.
(7) That the key factors and information relating to and affecting treasury management activities set out in Appendices E, F and I of the report be noted.
(8) That Officers and Members, Working Parties and whatever mechanisms have been set up, commence exploring alternative investment strategies that take greater account of the Council’s own declaration of a climate change emergency
Publication date: 26/02/2020
Date of decision: 27/01/2020
Decided at meeting: 27/01/2020 - Joint Audit and Standards Committee
Accompanying Documents: