Issue - meetings

(Voting: 35 in favour, 0 against, 2 abstentions)

The Portfolio Holder for Finance and Legal Services introduced the report which proposed approval of the mid-year Treasury Management Strategy Statement and Investment Strategy for 2019/20.  He advised that the report had been written just before the General Election and its presentation to Council had been delayed.  He thanked the Audit Committee for compiling and monitoring the strategy and he drew Members attention to Appendix 1A – the existing Investment & Debt Portfolio Position and Appendix 1B – the Half Year Interest position & Year end Projection.  He said if there were any significant changes, for example, in interest rates then the strategy would be reviewed.

In response to a question, the Portfolio Holder for Environment confirmed that the Council’s battery storage project was due to be commissioned in January 2020 and would then start generating energy.  A site visit for Members would be arranged in the New Year and regular update reports would be made to Council.  There had been a delay due to access and easement issues which had been outside the control of SSDC.  Phase 2 for an additional 5MW had commenced to invest in more green energy and to maximise the site license for battery storage energy.  She further confirmed that this Phase 2 should not impact upon the delivery of Phase 1 and all mitigation work to connect had taken place. 

In response to a question, the Chief Executive confirmed that any payments for easements over land would be through SSDC Opium Power Ltd and not made by SSDC.

The Portfolio Holder for Finance and Legal Services agreed to provide a written answer to a question relating to the comparison Pooled funds rate of return compared to SSDC’s investments in property during the same period.  He noted that a report on the Council’s commercial assets was due to be presented to the Executive in January 2020.

In response to a question, the Chief Executive and Section 151 Officer advised that a report of both treasury and commercial investments would be presented in the future to provide greater transparency as part of the wider financial strategy. 

Members welcomed the proposal for a consolidated report of treasury and commercial investments in the future.  At the conclusion of the debate, the majority of Members were content to confirm the recommendations of the report.

(Voting: 35 in favour, 0 against, 2 abstentions)