To consider the report of the Chief Officer
Consideration was given to the report of the Chief Officer Resources which was presented to give Members the opportunity to scrutinise the Treasury Management activities carried out by the Authority during the first half of the 2019/20 financial year.
The Chief Officer Resources spoke to the report and highlighted the main points contained therein which included that the Authority had performed well in terms of Treasury Management.
A Member enquired regarding fixed term loans. The Chief Officer Resources responded that the Authority had a mixture of fixed, temporary, long and short term loans.
A Member referred to the policy of not investing in fossil fuels. The Chief Officer Resources explained that the Authority did not have a specific policy regarding this, however, the Authority was part of Torfaen Pension Scheme and they had begun to change their policy due to environment and climate change issues.
The Committee AGREED to recommend that the report be accepted and endorse Option 2; namely that Members scrutinised the activity undertaken during the first half of the 2019/20 financial year and do not consider any amendments to the Treasury Strategy moving forward prior to its submission to full Council.