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A
Exactly
okay,
are
we
any
other
points
on
this
agenda
item
and
all
its
appendix
now?
So
there
are
no
comments.
There
are
no
comments
that
can
move
on
to
item
number
nine,
which
is
the
treasury
management
strategy
for
the
2023-24.
B
Yes,
we
now
have
obviously
the
the
the
actual
treasury
management
strategy
for
23
24.
and
on
page
240
of
the
agenda
pack
at
the
bottom.
B
So
on
the
advice
of
our
advisors,
Arlene
close,
we
want
to
re-add
repurchase
agreements
as
an
investment
option
and
that's
further
detailed
in
the
strategy,
and
we
want
to
change
the
limits
that
the
allowable,
the
limits
for
allowable
investments
in
local
authorities
and
housing
associations,
and
there
are
two
required
new
potential
indicators,
one
which
is
to
link
to
ESG
policy
where
we
want
to
in
you
know,
we
want
to
help
the
the
committee
understand
how
we
are
performing
against
well,
how
the
people
that
we're
investing
in
are
performing
against
their
own
indicators
and
obviously,
whether
we
are
following
our
own
policy
and
also
the
requirement
to
introduce
a
liability
and
asset
benchmark.
B
So
in
terms
of
the
actual
report
itself
and
we've
updated
the
glossary
for
some
of
the
new
items
and
just
looking
through
the
track,
changes
and
I
think
the
main
issues
are
highlighted
in
in
paragraph
8.1,
where
we've
updated
information
about
credit
risk.
Given
the
fact
that,
obviously,
we
are
in
a
different
type
of
environment,
with
the
likely
likelihood
of
potentially
an
extended
economic
recession
and
obviously
that
talks
about
recession
and
economics
slowdown
for
some
companies
and
how
that
may
actually
that
obviously
affect
the
credit
risk
environment.
B
We
then
had
we've
on
the
basis
that
we
are
doing
the
pension
fund
prepayment.
It
is
appropriate
for
us
to
note
it
in
the
treasury
management
strategy
that
forms
part
of
the
non-treasury
strategy,
so
that
is
in
section
11.
B
and
then
the
reason
why
in
12.4
it
details
why
we
think
it's
appropriate
to
reintroduce
repurchase
agreements
and
in
essence
that
allows
the
council
to
lend
money
to
banks
on
a
very
short-term
basis,
but
with
100
of
the
loan
being
secured
by
Guild's
collateral,
which
you
know
just
gives
us
an
alternative
option
for
short,
shorter
and
medium-term
Investments
and
then
just
keep
on
going
through.
B
Interestingly,
so
section
14
is
my
commentary
around
risk
and
particularly
in
14.4.
We
are
actually
talking
about
the
fact
that
there
is
high
risks
around
levels
of
inflation,
the
central
government's
central
banks,
response
in
terms
of
increasing
interest
rates,
which
has
meant
that
we
obviously
have
a
very
volatile
year
in
terms
of
our
asset
values.
B
All
indications
pointing
to
the
fact
that
we
will
have
an
ongoing
recession
and
it
could
be
the
longest
on
record
and
therefore
it's
absolutely
imperative
that
the
council
continues
its
cautious
approach
to
investing
in
order
to
maintain
a
high
level
of
credit
quality
within
the
Investment
Portfolio
and
with
the
capital
perservation.
As
we've
already
talked
about
it's
a
long-term
game,
not
a
short-term
game
and
clearly
on
a
year-by-year
basis.
B
It
doesn't
currently
impact
the
bottom
line
of
Revenue
because
of
the
statutory
override
that
allows
us
to
not
have
to
take
that
now.
In
terms
of
one
of
the
questions
in
terms
of
why,
perhaps
we
haven't
looked
to
realize
some
of
our
poorer
performing
bonds
before
we
still
need
to
look
at
the
best
time
to
come
out
of
those
bonds,
because,
as
once,
we
actually
divest
ourselves,
we
do
have
to
write
that
liability
in
Year
back
to
the
bottom
line
of
the
portfolio.
B
So
again,
it's
looking
at
the
best
option
which
we
are
currently
doing,
where
we're
doing
on
a
regular
basis
to
work
out
when
the
best
time
to
divest,
although
those
Investments
is
the-
and
this
very
much
does
talk
in
17.1-
about
financial
loss
and
reputational
damage.
So
the
strategy
does
talk
about
these
things
and
obviously
noting
that
there
is
a
new
indicator
linked
to
our
managed
Investments
and
the
approach
to
ESG
section
22.2.
B
It
talks
about
what
we
are
currently
not
intending
that
you
have
in
the
strategy,
and
one
of
the
things
I
just
wanted
to
point
out
is
that
at
the
current
time,
whilst
equities,
you
know
in
terms
of
they
might
be
having
a
bit
of
a
comeback.
At
the
current
time,
we
are
still
not
intending
as
an
authority
to
it
to
invest
in
anything,
that's
unsecured
or
an
equity
in
terms
of
the
high
levels
of
volatility.
B
But
it
is
something
that
we'll
keep
under
practice,
but
for
the
23
24
year,
it's
not
something
we're
necessarily
going
to
be
looking
at
as
actively
and
no
we're
not
going
to
invest
in
gold
and
oil
and
I
know.
We've
previously
talked
about
exchange
traded
funds,
but
because
the
accounting
requirements
we
have
to
treat
them
as
capital
expenditure
and
we
need
to
have
a
dedicated
custody
account.
So
again,
we're
not
looking
at
those
items.
B
So
the
report
itself
obviously
just
talks
about
the
changes,
and
then
you
have
two
appendices
effectively.
B
The
first
one
is
our
policy
statement
which
we're
required
to
have,
which
is
just
a
very
standard
policy
statement,
but
the
treasury
strategy
is
actually
the
second
appendix
and
again,
with
the
exception
of
updating
specific
numbers,
interest
rates,
Etc
and
adding
in
the
new
indicators,
along
with
the
items
that
we
now
want
to
invest
in
that
are
the
only
that
is
the
only
changes
to
the
strategy,
because
hopefully
members
recall
that
we
applied
a
less
risk
Approach
at
last
year's
strategy
and
are
continuing
that
into
23
24..
C
Yeah.
Thank
you
in
terms
of
the
edition
of
the
repos
and
the
reference
on
page
250,
where
we're
being
recommended
to
take
a
counterparty
risk
of
10
million.
Who
are
these
counterparties?
Will
they
be
pre-agreed
by
us
and
will
there
be
a
minimum
moodies
or
s
p
rating.
B
D
Yeah
the
issue
about
how
you
talk
about
oil-
and
you
know
obviously
the
non-green
investment
stuff.
If
we're
lending
to
Banks,
how
do
we
make
sure
that
their
clinics,
not
all
the
banks,
are.
C
Sorry
so
so,
just
if
we
drill
down
a
bit,
I
mean
in
terms
of
counterparty
what
is
the
rating
for
the
repos
and
who
are
the
counterparties
on
the
approval.
B
So
we
don't
have
an
approved
list,
we're
saying
that
we
want
to
look
at
using
repurchase
agreements
at
such
time.
As
we
look
at
all
the
available
investment
opportunities,
we
will
look
at
those,
but
we
will
look
to
do
that
within
the
actual
parameters
that
we've
set
in
terms
of
the
indicators.
So
if
we
look
on
and
then
we'll
probably
listed,
actually,
let's
have
a
look,
so
269
you've
got
the.
B
Yeah,
oh
sorry,
apologies.
It
is
on
their
Bank
repurchase
agreements,
maturity
limit
of
no
more
than
one
year
counterparty
limit
ten
pounds
and
they'll
they'll,
be
we
don't
have
a
list
of
counterparties
at
the
current
time,
but
the
in
terms
of
paragraph
6.22
on
page
268.
B
It
talks
about
the
ratings
that
we
require
so
from
bank
and
build
Society
is
a
credent
rating
of
a
minus
or
higher
that
are
based
in
the
UK
or
if
it's
a
foreign
country,
with
a
sovereign
rating
of
AA
plus,
so
we're
very
clear
about
what
parameters
they
have
to
meet
in
terms
of
their
credit
ratings.
A
C
A
long
time
ago,
when
I,
when
I
when
I
joined
this
committee-
and
this
is
a
comment
actually
to
the
administration,
Mr
chairman,
the
personal
responsible-
was
a
council
called
councilor
James
Lewin
and
he
was
extremely
impressive
ex-banker
and
we
managed
to
avoid
investing
at
losing
a
lot
of
money
in
local
Authority
swaps
that
were
deemed
to
be
ultravirus,
and
we
also
avoided
investing
in
Icelandic
Banks,
which
a
lot
of
local
authorities
lost
a
lot
of
money
on
and
I'm
a
little
bit
apprehensive,
firstly
about
the
fact
that
we
don't
have
our
portfolio
holder
here
to
talk
to
us
and
secondly,
I
am
very
apprehensive
about
the
council.
C
Considering
counterparties
outside
the
UK
I
would
hate
for
our
Council
to
end
up
in
a
lands.
Banky
Mark
II,
especially
when
Ireland
close
made
reference
to
credit
default
swaps
widening,
and
we
know
that
Credit
Suisse
has
had
massive
problems
in
recent
months,
and
these
were
were.
Institutions
like
Credit
Suisse
was
a
triple
A
rated
bank
right.
So
the
world
is
complex
at
the
moment
and
I'm
just
a
little
apprehensive
about
how
much
leeway
there
is
specifically
with
counterparties
on
repos
and
the
individual
limits.
E
Thank
you.
Thank
you
chairman.
Yes,
at
12.5
of
on
page
250.,
where
we
got
Moody's
rating
agency
that
it's
Outlook
to
negative
for
UK
local
authorities
in
line
with
UK
government
server
in
loans
Etc,
but
from
what
we
heard
from
Arlington
that
there
is
a
quite
a
positive
vibe
regarding
that
the
ratings
may
be
changed
at
a
fairly
short
time
because
of
what
Rishi
and
Jeremy
has
really
done.
So
I
am
only
just
concerned
that,
if
we
going
is
that
include
us
for
year,
UK
local
authorities.
B
Obviously,
we've
got
long-term
Investments
there
there
doesn't
tend
to
be
the
same
volatility
in
those
activities,
but
obviously,
if
the
rating
dropped
below
something
that
was
within
our
strategy,
we
would
then
have
to
look
to
divest
of
that
activity
and
move
the
funding
into
something
that
does
so.
You
know
this
is
our
minimum.
Obviously
we
quite
often
have
far
in
excess
in
terms
of
excellence
and
credit
ratings,
and
obviously
that's
also
linked
to
some
of
the
benchmarking
information
you
see
in
the
monitoring,
not
necessarily
in
here.
B
So
local
authorities
generally
have
quite
an
excellence
in
terms
of
their
credit
ratings,
but
we
there
is,
actually
all
local
authorities
have
their
own
credit
rating
and
we
apply
that
when
we
actually
look
at
whether
we
would
invest
with
them.
Obviously,
at
the
current
time
we
don't
have
any
Investments
below
authorities.
B
So
they've
revised
them
all
and
obviously,
but
we
have
a
minimum
rating
so
they're
below
that
minimum
rating
we
wouldn't
invest
with
them.
C
Yeah
I
mean
I've
I've
said
this
every
time
we
have
this
discussion,
but
we
are
all
very
cognizant
of
the
number
of
political
authorities
that
are
in
very
serious
Financial
straights
they've
borrowed
and
invested
in
commercial,
real
estate
and
and
they've
been
put
into
special
measures,
so
local
authorities
do
not
come
without
risks,
but
provided
we're
very
strict
with
the
ratings
and
I'm
very
relaxed.
But
I
just
wanted
to
double
triple
check
with
the
section
151
officer
is
in.
C
B
A
A
C
B
So,
under
the
Constitution,
the
the
treasury
management
is
not
an
executive
function
and
therefore
is
delegated
directly
to
me
from
Council.
The
property
investment
strategy
as
part
of
the
Strategic
Asset
Management
plan
is
an
executive
function.
It's
not
delegated
to
the
section
151
officer.
B
A
B
B
Unfortunately,
the
portfolio
holder
had
intended
to
be
here
to
introduce
this
item
as
it's
his
paper
so
I,
don't
we
haven't
had
any
apologies,
so
I'm,
obviously
we'll
have
to
feedback.
Why
he's
not
in
attendance,
I
think
what
this
represents
is
the
Strategic
Asset
Management
plan
was
approved
by
Council
last
February
and
as
part
of
that,
he
approved
the
new
property
investment
strategy
and
the
annual
property
plan
for
last
year.
Oh
well,
the
current
year.
That
was
just
about
to
end.
This
is
the
annual
property
plan.
So
it's
not
a
monitoring
report.
B
It's
an
annual
property
plan
in
terms
of
a
statement
in
terms
of
the
attention
of
the
activities
that
will
be
undertaken
in
the
next
financial
year
and
in
the
main
it
just
continues.
B
The
theme
of
the
previous
annual
property
plan
and
talks
about
the
the
plan
disposals
and
the
list
which
is
attached
as
the
appendix
in
terms
of
what
properties
we'll
be
looking
at
this
year
in
terms
of
potential
disposals,
for
which
due
diligence
still
needs
to
be
undertaken
and
will
come
as
individual
recommendations
and
the
least
three
gears
that
will
be
undertaken
this
year.
C
If
we
go
back
to
the
accounts
and
the
revenue
of
the
property
portfolio,
how
how
is
it
performing
math
and
in
terms
of
we've,
had
a
significant
revaluation
of
our
underlying
property
assets?
Are
we
expecting
any
further
huge
increases
in
underlying
valuations?
Where
are
we
in
terms
of
the
total
portfolio.
A
It's
not
even
not
in
here,
oh
we're,
just
discussing
councilor
cubic.
That's
not
as
part
of
this
report
that
we're
being
asked
to
consider
that
that's
monitoring
of
the
plan.
A
A
D
G
Thank
you
just
wanted
to
ask
about
regarding
what
do
you
mean
by
regarding
leases?
Are
you
talking
about
foreign,
more
money
on
those
leases
or
try
to
no.
H
Rig
here-
and
it's
quite
often
someone's
get
along
at
least
150
year
lease
that
150-year
lease
might
go
down
to
60
years
over
a
period
of
time.
They
require
that
lease
to
be
extended
to
for
them
to
obtain
from
their
Banks
sort
of
Finance.
It
gives
an
opportunity
to
get
a
premium
for
the
council
or
to
look
at
increase
in
Revenue
Improvement
of
rent
review
patterns
and
generally
modernizing
the
leases.
H
D
You
chair
sorry
about
that
earlier
yeah,
the
3.12,
the
redevelop,
the
developing
Community
Center
strategy.
Could
you
give
a
bit
more
information
about
it?
Is
this
about
getting
them
to
let
their
space
resources
about
maintenance
or
what?
What's
that
about.
H
It's
about
regularizing,
a
number
of
leases
somehow
sort
of
holding
over.
We
are
also
looking
at
service
level
agreements
under
the
some
paper
going
to
Cabinet
in
the
next
few
few
months
on
that
and
there'll
be
a
priority
list
of
community
buildings
would
be
targeted
in
the
first
round
of
that.
D
H
It's
from
the
other
side
for
the
sort
of
outputs
in
terms
of
running
the
community
centers,
so
many
groups,
various
groups
and
targets,
and
you
know
whether
they
internally
repairing
externally,
repairing
and
just
getting
things
on
a
level
of
clear
footing
as
to
whose
responsibility
is.
What,
as
in
the
past,
has
been
a
blown
of
the
edges.
A
C
It's
I
I,
don't
know
whether
I
I'm
being
a
bit
stupid,
I'm
sure
it's
because
I'm
being
a
bit
stupid,
but
there's
very
there's
very
little
kind
of
meat
on
the
bone
of
this
document.
There's
not
very
many
numbers
but
I'd
love
you
to
talk
me
through
a
couple
of
things,
so
the
mouse
and
the
problems
that
are
happening
there.
I'd
love
it.
C
If
you
could
talk
us
through
what
we're
doing
to
manage
the
significant
Capital
decline
in
value
of
the
Mouse
and
I'd,
then
like
you
to
talk
about
3.8,
the
patch
of
Premiere
in
and
where
the
funds
came
for
that
I,
then
like
you
to
talk
through
3.11,
which
is
the
smarter
ways
of
working
strategy,
because
in
the
accounts
it
says
that
our
premises
haven't
gone
down
in
value
and
yet
we've
divested
of
one
whole
building
and
I
supposedly
renting
it
out.
C
A
Okay,
that
I'm
not
prepared
to
allow
those
questions
there,
questions
of
monitoring
which
will
come
back
when
we
get
the
monitoring,
update
quarterly
report
on
the
property
plan.
This
is
we're
looking
at
plans
and
strategies,
not
digging
down
into
the
detail
of
of.
What's
in
the
specific
day-to-day.
D
F
F
Think
it's
very
difficult
for
councilors
not
to
be
able
to
to
withhold
the
you
know
to
resist
asking
questions
on
a
piece
of
paper
about
things
that
are
in
front
of
them
now
so
I
appreciate,
we
should
be
concentrating
on
the
plan
element,
but
it
all
seems
to
be
interspersed
with
the
strategy
that
there's
a
plan
and
but
it's
a
you
know,
a
lot
of
it
is
a
review
of
last
year.
That's
what
we're
looking
at
the
property
plans
like
starts
at
number
four.
B
If
there
are
some
specific
questions
that
members
would
like
to
ask
we're
happy
to
take
those
outside
of
committee
and
respond
to
those.
Thank
you.
C
That
I
would
like
more
information
on
the
civis
campus,
freeing
up
Parkland
and
why
smart
ways
working
has
been
such
an
outstanding
success,
economically
and
and
and
finally,
I'd
like
to
note
that
I
am
greatly
saddened
about
the
mouths
and
I'd
like
those
specifically
mentioned
in
the
minutes
of
the
meeting
for
tonight.
Thank
you
very
much.
A
B
Right
so
obviously
happy
to
come
back
on
to
provide
more
information
on
those.
What
I
would
say
is
obviously
the
swo
project
closure
report
went
to
scrutiny
last
week,
where
all
that
was
explained
and
I'm
happy
to
forward
that
report
to
you.
C
No
I'm,
just
I
I
I,
know
all
about
what
happened
last
week.
I
I
don't
want
to,
but
thank
you
very
much
I,
just
like
it
recorded
in
these
minutes.
That
I've
said
what
I've
said.
Thank
you.
F
I
I
just
wanted
to
thank
you.
Thank
you,
chair.
I
Draw
attention
to
the
Annex
at
the
back
of
the
property
plan
and
just
call
out
Swan
Street
Swan
Street's,
building
that
islet's
taking
in
office
in
a
couple
of
years
ago
and
then
suddenly
found
I
couldn't
rent
anywhere
there
and
then
I
found
out
a
lot
more
about
Swan
Street
and
what
goes
on
there
I'd
just
like
to
say
that
if
this
current
proposal
goes
ahead
to
sell
it
back
to
the
community,
a
discounted
value,
I
think
it's
great
and
I
think
it's
to
be
applauded.
Thank
you.
I
H
A
Okay
on
to
item
11.,
thank
you
Austin,
which
is
the
work
program
for
the
30th
of
March.
Remember.
B
A
Bearing
in
mind
the
previous
discussion
on
ey,
is
that
going
to
be
available.
A
B
A
I
Chair,
if
I
may,
just
the
point
that
we
were
talking
about
earlier
when
Ernst
and
Young
were
here
about
this
committee,
reviewing
its
outputs
I
just
want
to
draw
people's
attention
to
the
the
back
of
the
sip
of
position.
Statement.
I
appreciate
everyone
might
not
have
it
with
them,
but
it
says
to
discharge
its
responsibilities
effectively.
The
committee
should
report
annually
on
how
the
committee
has
complied
with
this
position
statement,
discharged
its
responsibilities
and
include
an
assessment
of
its
performance.
I
I
It's
the
report
that
doesn't
relate
to
the
a
review
of
the
terms
of
reference
to
this
committee,
which
were
the
two
things
that
were
put
forward
as
appeasing
this
I
really
would
like
to
see
this
worked
into
the
future
work
program
of
this
committee.
B
So
there
is
no
requirement
under
the
Constitution
I
think
the
committee
has
previously
decided
not
to
undertake
that
activity,
but
the
committee
feels
they
want
to
do.
The
report
would
go
to
council
in
terms
of
that
activity.
So
if
the
committee
wished
to
pull
together
a
report
which
could
be
cleared
here
before
it
goes
to
council,
there's
there's
no
problem
with
that
at
all.
We
just
we
would
probably
come
in
sort
of
June
July
time.
I
Thank
thank
you.
Sue
I
do
think
it
should
be
an
independent
review.
I,
don't
think
it
should
be,
or
have
you
carried
out
this
by
this
committee,
because
I
think
this
committee's
been
deficient
in
not
doing
that
for
the
last
X
years
and
I
really
do
think
that
you
know
if
we're
going
to
look
at
our
adherence
to
governance
standards
which
are
not
reviewed
as
part
of
the
audit
which
we
established
earlier
and
hence
we
have
a
governance.
I
Whole
then
I
think
that
we
do
need
a
third-party
independent
view
on
this,
and
I
would
seek
members
views
on
that
in
debate.
A
C
Given
that
cancer
is
interested
in
views,
I
would
completely
support
him
and
I
know.
There's
extensive
works
that
are
happening
to
the
Constitution
and
if
the
reason
for
it
not
happening
is
because
of
the
Constitution,
then
maybe
this
is
another
amendment
that
needs
to
be
required
to
the
Constitution.
B
A
No
I
don't
think
it's
a
very
valid
point
which
we
need
to
pick
up
and
and
look
at
offline
and
see
how
we
proceed
with
that.
That's.
C
Very
much
chairman
my
point
about
the
Constitution
is
that
there
are
extensive
amendments
taking
place
to
the
Constitution
at
the
moment
and
are
happening
regularly,
and
so,
if
it's
not
in
the
Constitution
and
the
reason
for
it
not
happening
is
because
it's
not
being
in
the
Constitution.
And
yet
it's
in
the
sit
found.
Okay
undertakings.
We
probably
need
to
have
it
reviewed
by
the
team
that
are
reviewing
the
Constitution
as
well
as
our
committee
having
it
reviewed.
A
A
Okay,
if
that
be
all
thank
you
all
for
coming,
I'd
like
to
declare
the
meeting
closed.