Bromley Council has scooped the top accolade in the Pensions, Treasury and Asset Management award category of the Public Finance Awards from an impressive shortlist of other councils from across the country.
Some £13.5m was contributed to Bromley Council’s annual investment income in 2018/19 through careful investment in commercial properties without borrowing, together with a new Treasury Management Strategy which includes alternative investments. As a low-grant funded, low-cost and below-average council tax authority, facing growing challenges with a low cost base and a need to deliver income and savings, the council sought alternatives to investments previously based on mainly fixed deposits. In addition, the pension fund is currently fully funded, and if that continues there will be further annual revenue savings of £2.1m from 2020/21, potentially generating savings of £6m by 2020/21.
Bromley Council was singled out for its approach to its finances in the prestigious annual Awards run in association with the Chartered Institute of Public Finance and Accountancy (CIPFA). These recognise excellence and originality across the public finance and governance sectors across the UK. The Judges found thatBromley ‘demonstrated its breadth of use of alternative investments to optimise returns for the benefit of fund holders in a transparent and engaged manner.’
Councillor Graham Arthur, Executive Member for Resources, Commissioning and Contracts Management, said: “I am very pleased with our work in alternative investments and in enhancing the annual investment of the Council, and this award recognises the excellence of everyone for playing their role in Bromley’s success. It bears testimony to the continuing excellence of our staff. I am delighted that our efforts have been acknowledged and I am positive that we will continue to succeed financially in the future.”