To consider any questions submitted by the public.  (The deadline for questions is 4.30 pm on the Wednesday before the meeting – please contact Democratic Services by e-mailing democraticservices@swale.gov.uk or call 01795 417330).

Question topics added 11 November 2019.

The Mayor advised that two questions had been submitted and as Mr Tim Brown was unable to attend the meeting, his question (2) and response would be recorded in the minutes.  Hannah Temple was invited to ask her question.

Question 1:

“The Annual Treasury Management Report considered by Council in October revealed that the Council has £17.99m invested in money market funds managed by Invesco, Goldman Sachs, Morgan Stanley, Black Rock, Aberdeen and Amundi. It is very likely that, through these funds, the Council has substantial investments in companies operating in the oil and gas, tobacco and arms industries whose business models are inconsistent with the Council's commitments to a low carbon future, its priority to improve public health and the Climate and Ecological Emergency motion that it passed in June.

Will the Council agree to review the investments it holds, and adopt an ethical investment policy which screens out investments that are incompatible with its values while still providing a sound financial investment for public funds?”

Response – Leader and Cabinet Member for Finance, Councillor Roger Truelove

Thank you for your question and it is an important one and it is good to have the opportunity to respond.

So firstly I would like to say that the Council does not directly own any shares in companies or corporate bonds. I am happy to confirm that if the strategy did change to allow investments of this type then it would exclude the types of company you refer to. I will ensure this is reflected in the treasury strategy for 2020/21.

The Council has a very careful approach to managing its cash and with the exception of the Church, Charities and Local Authorities (CCLA) Mutual Investment Property Fund we only use bank deposit accounts or Money Market Funds. We predominantly use Money Market Funds as they offer better returns than bank deposits and are more secure.

Money Market Funds are portfolios comprising of securities issued by governments and financial institutions. They are low risk ways of holding cash and they do not invest in equities or corporate bonds.

Supplementary Question and Response

Hannah Temple asked the Leader if the information on where the money was invested could become more transparent to the public?

The Leader replied that it would.

Question 2

“Why has free parking been allowed for remembrance services but not for Christmas shopping bearing in mind Councillor Valentine has stated that free parking will increase the number of cars into the town, which goes against the Council’s ‘Climate & Ecological Emergency’ statement?”

Response - Cabinet Member for Environment

Thank you for your question. My comment was included in the answer I gave at Council in response to a motion tabled by Councillor Hampshire. The motion called for free parking on 15 days in November and December and for shuttle bus services to be provided on one day. This proposal was costed at approximately £100,000. I have already provided you with a copy of research which showed clearly that free parking did not increase the footfall in our high streets. 99% of respondents would have visited the town centre even if there had been no free parking offer. However, 17% of respondents had travelled by car rather than use public transport, walking or cycling. It would be foolish to do the same again and expect a different outcome. Furthermore, it would be a reckless waste of public money to fund a scheme in the full knowledge that it would not achieve the aim of helping local businesses. It is entirely appropriate that the Cabinet based our decision on the available evidence.

In contrast, offering free parking on Remembrance Sunday cost less than £2,000 in lost income. There was a strong view in Cabinet that this offer was an appropriate way of encouraging residents to remember those who gave the lives in two world wars and more recent conflicts. Many who wish to attend Remembrance Day services are elderly and public transport on Sunday is more limited than that available during the week. The Cabinet took the view that the offer of free parking was the right thing to do for the community.