The Group Manager – Chief Accountant submitted a report on the draft Treasury Management Strategy 2023-24, that included the:

• Borrowing Strategy 2023-24
• Investment Strategy 2023-24
• Treasury management Indicators for the period 2023-24 to 2025-26

 A Member asked the Chief Officer, Finance, Performance and Change about the risks and protections regarding lending to other authorities.

The Chief Officer – Finance, Performance and Change assured the Committee that such transactions only took place having had due regard to the advice from BCBC’s Treasury Management Advisors.

A Member expressed that he wished to continue on from the previous question around Ethical Investment Policy and requested that the Chief Officer - Finance Performance and Change elaborate on the significant changes in interest rates for borrowing and lending.

The Chief Officer – Finance, Performance and Change stated that she could take away suggestions in relation to the Ethical investment Policy to enhance the Strategy going forward. She responded that in relation to borrowings, the current loans were on fixed rates and therefore the changes in interest rates did not have an impact on any Council financial commitments in the immediate future. The changes to interest rates would be reflected when new investments were made.

A member welcomed the changes in respect of lending to other authorities.

The Chief Officer – Finance, Performance and Change referred members to the changes to BCBC’s Lending Policy which were contained in the report and were deemed as reasonable. She added that lending and borrowing by the local authority was carefully considered in conjunction with specialist advice from the Council’s Treasury Management advisors.

The member asked if BCBC could look at implementing an Ethical Investment Policy, to which the Officer replied that she would take this up with our above advisors, Arlingclose.

RESOLVED :                    That the Committee considered the Treasury Management Strategy for 2023-2024 and recommended that the final updated Treasury Management Strategy be presented to Council for approval in March 2023.