Agenda item

[The report on Treasury Management is attached]. 

The Director of Finance introduced a report on treasury management.  As part of the Treasury Management Strategy it was a requirement that the Confident, Capable Council Scrutiny Panel review the Strategy.  CIPFA had updated and released new versions of both the Code of Practice on Treasury Management and the Prudential Code in December 2017.  Although the new codes had been released and were effective for the 2018-2019 financial year, the detailed specific guidance had not been issued.  CIPFA had recognised that the requirement to produce a Capital Strategy, which was a new requirement under the Prudential Code, would potentially require a longer lead-in time and that this requirement would potentially not be able to be implemented until the 2019-2020 financial year. 

A Panel Member stated that Members needed comprehensive training on treasury management.  It was important that Members had a good understanding of treasury management in order to hold the Executive and the Section 151 Finance Officer to account.  In response, the Finance Director stated the Council’s treasury advisor, “Link Assets,” were happy to provide training as required.  Finance training sessions had been put on in the past, which had not been as well attended as had been hoped.  A Panel Member suggested it should be a compulsory requirement for Members to undertake Finance and Risk training and Counter-Terrorism training each year.

A Councillor asked what scrutiny arrangements were in place to consider the finances of the West Midlands Combined Authority (WMCA).  He wanted to ensure there was appropriate oversight of the Combined Authority, particularly when the Council was lending the WMCA money.   The Scrutiny Officer responded that the WMCA had a Scrutiny Committee and there was also a Budget Task and Finish Group.  Cllr Stephen Simkins was the Council’s representative on the WMCA Scrutiny Committee and Cllr Jaqueline Sweetman was his substitute Member.  Cllr Simkins stated he had some concerns about the WMCA scrutiny arrangements.  He thought the work of the WMCA should be debated by the Full Council on at least a quarterly basis. 

After a discussion about the formulation of Scrutiny Panel recommendations the Chair asked for the process of how a Scrutiny Panel constructs recommendations, to be considered at the Scrutiny Annual Work Programme Event on the 28 June 2018. 

The Chair stated that the Vice-Chair, who was unable to be present for the meeting, had asked her to convey how he had seen the Scrutiny Panel as a good example of working outside political affiliations and how much he had enjoyed being the Vice-Chair of the Panel. 

The Chair of Scrutiny Board, Cllr Simkins, and other Panel Members thanked the Chair for her hard work over the course of the Council year.  

The meeting closed at 7:40pm.