Issue - meetings

To consider the report of the Chief Finance Officer.

The Chief Finance Officer presented the report which sought Member approval to amend the Treasury Management Strategy to increase the monetary limit that can be invested in the money market funds from £5 million each to £10 million each and to increase the money that can be invested in Lower Tier Local Authorities from £3 million to £5million.

Particular reference was made to the decision to borrow £49.45 million from the Public Works Loans Board (PWLB), to take advantage of the current low borrowing rates. The borrowed money would be invested in the short term and that it had been proposed that the Treasury Management Strategy required amending.

During the discussion, it was explained that an Upper Tier authority was a Unitary or County Council, which included social care where a Lower Tier was District or City Council level.

RECOMMENDED that Council approve the revision of the Treasury Management Strategy.