Agenda and decisions

A copy of the record of the previous decisions taken at Cabinet on 11 February 2025 is attached.

Purpose

To update Cabinet on the work of Member Champions during the 2024/25 municipal year.

Noted the report which is for information and is not subject to call-in.

Purpose

To agree the appointment of a Cabinet Member for the Portchester Crematorium Joint Committee.

RECOMMENDED that the Cabinet agrees the appointment of Councillor Dave Ashmore to the Portchester Crematorium Joint Committee.

Agreed the appointment of Councillor Dave Ashmore to the Portchester Crematorium Joint Committee.

Purpose

To inform Cabinet about Health Determinants Research Collaboration (HDRC) Portsmouth, a new five year programme funded by the National Institute of Health and Care Research (NIHR).

Noted the report which is for information and is not subject to call-in.

Purpose

To update on the Rough Sleeping Service.

Noted the report which is for information and is not subject to call-in.

The Treasury Management Policy 2025/2026 by the Director of Finance & Resources was omitted from the Forward Plan covering 10 January 2025 to 10 April 2025. The Chair of the City Council's Scrutiny Management Panel has been notified and a public notice published

Noted:

1.    The omission for the Forward Plan for 10 January 2025 to 10 April 2025.

2.    The publication of the notice.

Purpose

To obtain the Council’s approval of the updated Treasury Management Policy Statement (attached) which includes the Annual Investment Strategy.

RECOMMENDED that the Cabinet recommends that Full Council

1.    Approve the attached Treasury Management Policy Statement including the Treasury Management Strategy and Annual Investment Strategy for 2025/26 be approved which includes:

               i.         The upper limit for principal sums invested for longer than 365 days contained in section 4.6 of the attached Treasury Management Policy Statement

             ii.         The upper and lower limits on the maturity structure of borrowing contained in appendix 5.1 of the attached Treasury Management Policy Statement

2.    Note that there are no significant changes to the Treasury Management Policy for 2025/26 compared to 2024/25

3.    Approve that as set out in section 1.5 of the Treasury Management Policy Statement, the Director of Finance and Resources (Section 151 Officer) and officers nominated by him have delegated authority to:

               i.         Invest surplus funds in accordance with the approved Annual Investment Strategy

             ii.         Borrow to finance short term cash deficits and capital payments from any reputable source within the authorised limit for external debt of £1,105m (to be approved by the City Council on 25^th February 2025)

            iii.         Reschedule debt to even the maturity profile or to achieve revenue savings; and

            iv.         Buy and sell foreign currency, and to purchase hedging instruments including forward purchases, forward options, and foreign exchange rate swaps to mitigate the foreign exchange risks associated with some contracts that are either priced in foreign currencies or where the price is indexed against foreign currency exchange rates.

4.    Agree that the Director of Finance and Resources (Section 151 Officer) has the power to delegate treasury management operations to relevant staff. 

5.    Agree that the Chief Executive, the Leader of the City Council and the Chair of the Governance and Audit and Standards Committee be informed of any material variances from the Treasury Management Policy when they become apparent, and that the Leader of the City Council be consulted on remedial action (paragraph 1.2.2 of Treasury Management Policy Statement).

Recommended that Full Council:

1.    Approve the attached Treasury Management Policy Statement including the Treasury Management Strategy and Annual Investment Strategy for 2025/26 be approved which includes:

i)      The upper limit for principal sums invested for longer than 365 days contained in section 4.6 of the attached Treasury Management Policy Statement

ii)    The upper and lower limits on the maturity structure of borrowing contained in appendix 5.1 of the attached Treasury Management Policy Statement.

2.    Note that there are no significant changes to the Treasury Management Policy for 2025/26 compared to 2024/25

3.    Approve that as set out in section 1.5 of the Treasury Management Policy Statement, the Director of Finance and Resources (Section 151 Officer) and officers nominated by him have delegated authority to:

i)      Invest surplus funds in accordance with the approved Annual Investment Strategy

ii)    Borrow to finance short term cash deficits and capital payments from any reputable source within the authorised limit for external debt of £1,105m (to be approved by the City Council on 25^th February 2025)

iii)  Reschedule debt to even the maturity profile or to achieve revenue savings; and

iv)  Buy and sell foreign currency, and to purchase hedging instruments including forward purchases, forward options, and foreign exchange rate swaps to mitigate the foreign exchange risks associated with some contracts that are either priced in foreign currencies or where the price is indexed against foreign currency exchange rates.

4.    Agree that the Director of Finance and Resources (Section 151 Officer) has the power to delegate treasury management operations to relevant staff. 

5.    Agree that the Chief Executive, the Leader of the City Council and the Chair of the Governance and Audit and Standards Committee be informed of any material variances from the Treasury Management Policy when they become apparent, and that the Leader of the City Council be consulted on remedial action (paragraph 1.2.2 of Treasury Management Policy Statement).