1 January 1970
Title of paper: Treasury Management & Investment Strategy
Meeting date: 22nd March 2023
Author: Paul Benfield (Treasurer)
SRO: Paul Benfield (Treasurer)
Executive Summary:
By virtue of the Local Government Act 2003, the Police and Crime Commissioner is required to publish a Treasury Management strategy, which accords with the requirements of the CIPFA Treasury Management Code of Practice, governing all borrowing and lending activity for his office each year. The Treasury Management & Investment Strategy is reviewed and updated annually.
The strategy set out the Treasurer’s approach to ensure that cash flow is adequately planned, with cash being available when it is needed. It also sets out how the funding of the Commissioner’s capital plans are affordable. The strategy sets out how these objectives will be achieved and how these will be balanced against the risk associated with undertaking investment and borrowing activities.
There is a requirement for it to be approved before the start of the financial year.
The Joint Audit & Standards committee (JASC) have responsibility for recommending to the PCC on whether to approve this strategy. The JASC meeting was on the 21st March 2023 and the Treasurer will provide a verbal updated on the proposal from the meeting for the PCC to consider and approve the Strategy.
Recommendations and Requested Outputs from WMGB:
Approve the Treasury Management Strategy 2023/24 taking into account the recommendation of the Joint Audit & Standards Committee
Benefits:
The strategy underpins the ability of West Mercia to support its financial activities through the year
There are no direct costs associated with agreeing and implementing the strategy, beyond the direct borrowing and lending costs which are already included in the Budget Report for 2023/24. Monitoring of the Prudential indicators provide the mechanism for ensuring compliance with the strategy. This is delegated to the JASC.
Police and Crime Plan
The decision supports the Safer West Mercia Plan through the following:
- Ensuring that cash flow is managed to enable payments to be made to enable all services to be provided
- Ensuring that cash balances are invested securely
- Approve external borrowing to support daily activities and finance the capital programme
Force Vision, Values and Priorities
Ensuring that there are sufficient resources available enables that West Mercia Police to deliver Policing Services through the year.
Background Papers
Treasury Management Strategy 2023/24
Disclosure and Sensitivity
N/A
Comments of relevant proper officer(s) or person(s) with statutory responsibilities
The Treasurer is required to ensure that there is adequate cash flow available to fund the activities of West Mercia Police and to ensure that borrowing is affordable and that the risks associated with Treasury Management activities are managed.
The Treasurer has consulted with the Director of Commercial Services to take into account the West Mercia Police’s view on the strategy.
