Issue - meetings

The report provides the annual treasury management review of activities and the actual prudential and treasury indicators for 2022/23.

The Board received a report of the Director of Finance, which described that the Council was required by regulations issued under the Local Government Act 2003 to produce an annual treasury management review of activities and the actual prudential and treasury indicators for 2022/23. The submitted report met the requirements of both the CIPFA Code of Practice on Treasury Management (the Code) and the CIPFA Prudential Code for Capital Finance in Local Authorities (the Prudential Code).

During 2022/23 the minimum reporting requirements were that full Council meetings should receive the following reports:

a.    an annual treasury strategy in advance of the year (that was approved by Council on 2^nd March 2022)

b.    a mid-year (minimum) treasury update report (that was approved by Council on 14^th November 2022)

c.    an annual review following the end of the year describing the activity compared to the strategy (this report – the Scrutiny Board noted that the report had previously been submitted to the Council on 6^th September 2023, the Audit Committee on 27^th June 2023 and to the Cabinet on 24^th July 2023)

The regulatory environment placed responsibility on Scrutiny Board Members for the review and the scrutiny of treasury management policy and activities. This report was therefore considered to be important in that respect, as it provided details of the outturn position for treasury activities and highlighted compliance with the Council’s policies previously approved by members.

The Council had confirmed that it had complied with the requirements under the Code to give prior scrutiny to the treasury strategy and the mid-year update.

Resolved:

1.    The Scrutiny Board notes the actual 2022/23 prudential and treasury indicators presented in the submitted report.

2.    The Scrutiny Board notes the annual Treasury Management Review report for 2022/23.

The report provides the annual treasury management review of activities and the actual prudential and treasury indicators for 2022/23.

The Cabinet considered a report of the Director of Finance which advised that the Council was required by regulations issued under the Local Government Act 2003 to produce an annual treasury management review of activities and the actual prudential and treasury indicators for 2022/23.

The Director of Finance’s report met the requirements of both the CIPFA Code of Practice on Treasury Management (the Code) and the CIPFA Prudential Code for Capital Finance in Local Authorities (the Prudential Code).

During 2022/23 the minimum reporting requirements were that full Council should receive the following reports: An annual treasury strategy in advance of the year, which was approved by the Council on 2^nd March 2022. A mid-year (minimum) treasury update report, which was approved by the Council on 14^th November 2022 and an annual review following the end of the year describing the activity compared to the strategy (which was covered in the report detailing this item).

The regulatory environment placed responsibility on Members for the review and scrutiny of treasury management policy and activities. The report before the Cabinet was considered important in that respect, as it provided details of the outturn position for treasury activities and highlights compliance with the Council’s policies that had previously approved by members. The Council had confirmed that it had complied with the requirements under the Code to give prior scrutiny to the treasury strategy and the mid-year update.

The Audit Committee was charged with the scrutiny of treasury management activities in Oldham and had therefore considered and approved the contents of the  Treasury Management Review 2022/23 report at its meeting on 27^th June 2023. The Audit Committee had been content to commend this report to Cabinet. As such, Cabinet was therefore requested to approve the content of this annual report and to commend it to Council (to ensure full compliance with the Code for 2022/23).

Options/Alternatives considered:

In order that the Council complies with the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management, the Cabinet has no option other than to consider and approve the contents of the report and to commend the report to Council. Therefore, no options/alternatives were presented.

Resolved that the Cabinet:

1.    Approves the actual 2022/23 prudential and treasury indicators presented in the Director of Finance’s report.

2.    Approves the annual Treasury Management Review report for 2022/23.

3.    Commend this report to Council.