Co-Chair of Joint Audit and Standards Committee
At its informal meeting on 24 January 2022, Joint Audit and Standards Committee considered Paper IRJAC/21/15, the Joint Capital, Investment and Treasury Management Strategies. Paper MC/21/28 now includes all the relevant updated information following consideration by the Joint Audit and Standards Committee, together with the necessary recommendations.
Minutes:
73.1 Councillor Muller introduced the report and informed Council that under the CIPFA Treasury Management Code of Practice and the Prudential Code both published in 2021 and DLUHC Investment Guidance published in 2018, the Council was required to determine separate Capital, Investment and Treasury Management Strategy statements and prudential indicators annually before the start of each financial year.
73.2 Councillor Muller reported that there have been no significant changes in format this year and it had been updated to reflect the latest capital expenditure, investment and borrowing and the latest treasury management investment and borrowing positions of the Council.
73.3 Councillor Muller then detailed each appendix to the report before MOVING the recommendations in the report which Councillor Caston SECONDED.
73.4 Councillor Matthissen asked he if could see the previous budgets in the Capital Programme in Table 1 page 103 of the report as he was trying to establish the extent to which the Capital Programme had been affected following the Covid Pandemic.
73.5 In response, the Section 151 Officer said that the purpose of this report was not to give an update of the performance of the Capital Programme. The performance of the Capital Programme was reported in the quarterly monitoring reports that went to Cabinet. The next quarterly monitoring report would be tabled at Cabinet in March.
73.6 Councillor Eburne referred to Appendix C Paragraph 5.18 which detailed how the Council was monitoring aspects of environment, governance and social issues and asked how that sat with the Council having declared a climate emergency but the Cabinet rejecting recommendations from the Joint Audit and Standards Committee?
73.7 In response Councillor Whitehead informed Council that Cabinet had debated the recommendations and agreed that they would adopt a holistic monitoring approach rather than focussing on particular elements.
73.8 Councillor Amorowson referred to the recommendations from the Joint Audit and Standards Committee to divest from fossil fuel investments and asked why the Council was still going ahead with this?
73.9 In response, Councillor Whitehead referred to the Minutes from the Cabinet meeting and reiterated that the Cabinet wanted to undertake a holistic approach rather than focusing on one area.
73.10 Councillors then debated investment trends for fossil fuels and renewable energy and future investments.
73.11 Councillor Muller in his summing up paid tribute to the Section 151 Officer and the support she had given him in his role of Chair of the Joint Audit and Standards Committee.
In accordance with Council Procedure Rule 19.3, the vote was recorded as follows:
For |
Against |
Abstain |
|
Oliver Amorowson |
|
Gerard Brewster |
|
|
David Burn |
|
|
|
Terence Carter |
|
James Caston |
|
|
|
Austin Davies |
|
|
Rachel Eburne |
|
Paul Ekpenyong |
|
|
|
John Field |
|
Julie Flatman |
|
|
Jessica Fleming |
|
|
|
|
Helen Geake |
Kathie Guthrie |
|
|
Lavinia Hadingham |
|
|
Matthew Hicks |
|
|
Barry Humphreys |
|
|
|
Sarah Mansel |
|
|
John Matthissen |
|
|
Andrew Mellen |
|
Richard Meyer |
|
|
Suzie Morley |
|
|
David Muller |
|
|
|
Mike Norris |
|
|
Penny Otton |
|
Tim Passmore |
|
|
|
Daniel Pratt |
|
Harry Richardson |
|
|
|
Keith Scarff |
|
|
Andrew Stringer |
|
|
Rowland Warboys |
|
|
Keith Welham |
|
John Whitehead |
|
|
Total 16 |
Total 15 |
Total 1 |
It was RESOLVED:-
1.1 That the Joint Capital Strategy for 2022/23, including the Prudential Indicators, as set out in Appendix A of the report be approved.
1.2 That the Joint Investment Strategy for 2022/23, as set out in Appendix B of the report be approved.
1.3 That the Joint Treasury Management Strategy for 2022/23, including the Joint Annual Investment Strategy as set out in Appendix C of the report be approved.
1.4 That the Joint Treasury Management Indicators as set out in Appendix D of the report be approved.
1.5 That the Joint Treasury Management Policy Statement as set out in Appendix G of the report be approved.
1.6 That the Joint Minimum Revenue Provision Statement as set out in Appendix H of the report be approved.
1.7 That the key factors and information relating to and affecting treasury management activities set out in Appendices E, F, and I be noted.
Supporting documents: