Issue - meetings

Report of the Cabinet Member Finance

The Cabinet Member Finance introduced the report. Her introduction is reproduced in full in the appendix to these minutes.

The following questions were raised and responses given :

·         Was the LGA peer review recommendation on reviewing inherent financial risk being addressed? In response the Leader explained that financial risk was an ongoing conversation with the Section 151 Officer and reviewed through the MTFS process.

·         It was asked whether the risk of default on rents and risk of void periods be included in the risk register- in response the Cabinet Member explained that it was a conscious decision to include full detail of risk within the relevant section of each report.

·         In terms of the table on proportionality it was suggested that in order to give more meaning to the numbers there should be a reflection of the level of council tax.

·         Were the labels on tables 5, 8 and 9 in appendix 2 correct ? The Chief Finance Officer apologised for the errors which were due to the fact that government guidance had been published late. The errors would be rectified in the published documents.

In the debate that ensued Members recognised that these were important documents for the council and reflected the significant investment the council was making in the town. The major projects such as the cyber park and housing investment were something the town should be proud of as these were setting the agenda for the future, for which the outlook looked bright.

The council’s finance officers and the Cabinet Member Finance were thanked for their significant and prudent work in leading and delivering this investment in Cheltenham. Recognition was also given to Arlingclose, the council’s treasury advisor.

Finally, the Cabinet Member Finance wished to personally thank officers and in particular the Executive Director Finance and Assets, Paul Jones.

RESOLVED (unanimously) THAT the following be approved :

·         The Capital Strategy 2019/20 at Appendix 2

·         The Investment Strategy 2019/20 at Appendix 3

·         The Treasury Management Strategy Statement 2019/20 at Appendix 4

·         The Minimum Revenue Provision (MRP) Statement 2019/20 at Appendix 5