Agenda item

To consider the report of the Deputy Leader of the Council and Cabinet Member for Resources providing an update on treasury management activities for 2023/24.

18.1    Councillor Wilson moved and Councillor Hilton seconded the motion. Councillor Wilson summarised the report and confirmed that the Council had operated within Treasury limits during 2023-24.

18.2    Councillor A. Chambers proposed and Councillor O’Donnell seconded the following amendment:

          Council is asked to RESOLVE

1)    That the contents of the report be noted.

2)    That it be made available to every Councillor how and where the investments referred to in the report have been invested.

18.3    The amendment was not accepted by Councillor Wilson.

18.4    In debating the amendment, Councillor A. Chambers commented that Councillors and residents had the right to understand how taxpayers’ money was being invested. He suggested that any investments made by the Council ought to be made in line with the Nolan Principles of public life and stated that the amendment would give openness and transparency.

18.5    Councillor Wilson expressed the view that the amendment misunderstood what was meant by Treasury Management. He clarified that the report concerned short term cash deposits placed into banks on a short-term basis which the Council subsequently earnt interest on.

18.6    Councillor Pullen noted that the Treasury Management report had been discussed at the latest Audit and Governance Committee and Cabinet meetings and no issues had been raised. This said, he agreed that the Council should be transparent in how it invested money and stated that he would support the amendment.

18.7    Councillor Jones stated that he would advocate for short term cash deposits to be invested in mutual societies, which did not have shareholders or dividends to pay, and local building societies such as Nationwide.

18.8    Councillor O’Donnell raised concerns about the historic Icelandic bank investments and impressed that transparency was needed.

18.9    Councillor Patel expressed the view that information should not be withheld from taxpayers and agreed that it would be helpful for a list of where the Council was investing.

18.10  Councillor Lewis stated that the Council had had its money returned following the Icelandic bank issue but agreed that a list would be helpful in being open and transparent.

18.11  Councillor Hilton stated that the report concerned cash flow and using bank accounts to run day to day business. He advised that it was possible to prove a list of those banks, however to track every payment would be a waste of money and Officer time. He expressed regret that the request had not been discussed and debated at the Audit and Governance Committee meeting and reiterated that the investments were being made into banks in the UK.

18.12  Councillor Bell agreed that investments should be made locally.

18.13  Councillor S. Chambers highlighted that not all Members sat on the Audit and Governance Committee. She stated that the Council was a custodian of taxpayers’ money and that residents were entitled to information around where investments were made.

18.14  The amendment was put to a vote and was carried, therefore becoming the substantive motion.

18.15   RESOLVED :-

(1)       That the contents of the report be noted.

(2)       That it be made available to every Councillor how and where the investments referred to in the report have been invested.