Issue - meetings
Annual Investment Strategy
Meeting: 09/02/2010 - Executive (Item 20)
20 Treasury Management Strategy Report 2010-2011 
PDF 65 KB
To consider the report of the Head of Treasury Services.
Scrutiny Committee – Resources considered the report at their meeting on 27 January 2010 and their comments will be reported.
(Report circulated)
Additional documents:
Decision:
The report of the Head of Treasury Services was submitted, seeking adoption by the Council of the Treasury Management Strategy Report, incorporating the Annual Investment Strategy 2010/11, as required under section 15(1)(a) of the Local Government Act 2003.
In response to a comment from a Member, the Head of Treasury Services reported that whilst the majority of the Council’s funds were placed with a fund manager, it was necessary for the day-to-day cash flow to be managed in-house.
Executive recommended that the Council adopts the Treasury Management Strategy and delegations contained therein.
Minutes:
The report of the Head of Treasury Services was submitted, seeking adoption by the Council of the Treasury Management Strategy Report, incorporating the Annual Investment Strategy 2010/11, as required under section 15(1)(a) of the Local Government Act 2003.
In response to a comment from a Member, the Head of Treasury Services reported that whilst the majority of the Council’s funds were placed with a fund manager, it was necessary for the day-to-day cash flow to be managed in-house.
RECOMMENDED that the Council adopts the Treasury Management Strategy and delegations contained therein.
(Report circulated)
Meeting: 27/01/2010 - Scrutiny Committee - Resources (Item 7)
7 Treasury Management Strategy 2010/11 PDF 65 KB
To consider the report of the Head of Treasury Services - report circulated
Additional documents:
Minutes:
The Head of Treasury Services presented the report seeking adoption by the Council of the Treasury Management Strategy Report, incorporating the Annual Investment Strategy 2010/11, as required under section 15(1)(a) of the local Government Act 2003.
Members were informed that the economic conditions of the past 18 months had demonstrated the risks involved in Treasury Management. Investment could now only be made in UK-owned banks or banks with a major subsidiary in the UK. In respect of investment in foreign countries there was now a maximum of £2 million that could be invested per country. The Council had previously invested £20 million but this had now been reduced to £10 million.
Members raised concerns regarding the recent publications regarding the credit rating of the UK Government.
The Head of Treasury Services clarified that currently there was no monetary limit with regards to investment in UK. Updates regarding the risk status on investments were received regularly.
The Scrutiny Committee - Resources noted the report and recommended that the Executive recommend to Council the adoption of the Treasury Management Strategy and delegations contained therein.
(Report circulated)