Venue: Committee Room, Council Offices, Urban Road, Kirkby-in-Ashfield
Contact: Lynn Cain Email: firstname.lastname@example.org
Declarations of Disclosable Pecuniary or Personal Interests and/or Non-Registrable Interests
No declarations of interest were made.
that the minutes of the meeting of the Committee held on 28 November 2022, be received and approved as a correct record.
The Corporate Finance Manager (and Section 151Officer) presented the refreshed and updated Capital Strategy for 2023/24 and requested Members to note the content and recommend the same to Cabinet.
The report aimed to demonstrate that the Council’s capital expenditure plan was affordable, prudent and sustainable and to ensure that all decisions were made with sufficient regard to the long term financing implications and potential risks to the authority. It was also intended that the Capital Strategy would lay out the long term context in which capital expenditure and investment decisions were made giving due consideration to both risk and reward and any impact on the achievement of priority outcomes.
a) the contents of the Capital Strategy (CS) for 2023/24 including Annexes 1-3, as presented, be received and noted;
b) Cabinet be recommended to approve the following:
· Capital Strategy
· Commercial Property Investment Strategy
· Commercial Property Indicators.
The Corporate Finance Manager (and Section 151 Officer) presented the report and asked Committee to consider the Treasury Management Strategy for the 2023/24 financial year, as presented.
The Strategy had been prepared in accordance with the requirements of the Public Services Code of Practice (the Code), issued by the Chartered Institute of Public Finance and Accountancy (CIPFA).
Members attention was drawn to the Strategy and the previous investment deposit limit of £5m with the Debt Management Office (DMO). Following the success of the Council’s bid for Towns Funding and the resulting delivery of substantial sums of money into the Council’s finances, the limit had now been set to ‘unlimited’ to enable officers to react swiftly and prudently on receipt of any funding allocations in terms of where to invest in the short term.
The new Liability Benchmark analysis included within the Strategy (as now required by the Code) was acknowledged by the Committee including the expansion of treasury management practices in relation to risk management criteria which would now include an Environmental, Social and Governance element.
a) the contents of the Treasury Management Strategy (TMS) for 2023/24, including changes to the Annual Investment Strategy, as presented, be received and noted;
b) Cabinet be recommended to approve the Treasury Management Policy Statement incorporating:
· Treasury Management Strategy Statement (TMSS)
· Borrowing Strategy
· Annual Investment Strategy
· Minimum Revenue Provision (MRP) Policy
· Prudential Indicators and Treasury Management Indicators including new Liability Benchmark indicator
· Treasury Management Practices: Risk Management which now includes the Environmental, Social and Governance (ESG) update.
Mandy Marples, CMAP Audit Manager, presented the report and
summarised audit progress as of 17 January 2023.
One piece of work had been finalised since the last meeting in relation to Climate Change & Sustainability 2022-23. An assurance rating was not applicable for this particular audit, as the work had been undertaken on a consultancy basis due to the Council still being in the developmental stages of formulating their climate change and sustainability response.
To conclude Members were asked to note the recommendation tracking
updates as outlined in the report.
a) audit assignment progress as of 17 January 2023, as presented to Committee, be received and noted;
b) the Council’s Assistant Director for Assets and Investment be invited to a future meeting of the Committee, to give a progress update in relation to the development of the Council’s corporate climate change and sustainability response.