Issue - meetings

Minute 539 refers

RESOLVED – that (A) the comments of the joint meeting of Scrutiny Committees and the Audit Committee be received;

(B)      the Treasury Management Strategy and Annual Investment Strategy, as now submitted, be approved;

(C)      the Prudential Indicators, as now submitted, be approved; and

(D)      the counterparty and approved countries listing , as now submitted, be approved.

(see also Minute 579)

The Executive Member for Finance and Support Services submitted a report on the Treasury Management Strategy and Annual Investment Strategy for 2016-17 including the 2016-17 Prudential Indicators.

Members were advised of the purpose of the report with particular reference to the key features of the Council’s treasury management and annual investment strategies as well as a need to ensure security and liquidity of funds before seeking the best possible returns.  Members were referred to Essential Reference Paper ‘B’ for the full Treasury Management Strategy statement.

In reply to a query, Members were reminded that the Authority was not permitted to borrow to invest.  The Council could, however, borrow to fund a specific project.  The Director of Finance and Support Services confirmed that the Authority could not plug funding gaps with cash from its investment portfolio, because this strategy would only work once.  The solution was to ensure that the Council’s assets were working hard to cover shortfalls.

The Executive Member for Finance and Support Services stated that the Authority was working hard to get the best possible return from the resources that were available to it.

Members expressed their gratitude to Officers for their expert advice.  Members received the report and supported the recommendations now detailed.

RESOLVED – that (A) the report be received; and

(B)   the Executive be advised that the joint meeting of Scrutiny Committees has no comments to make in respect of the following:

1.        the Treasury Management Strategy and Annual Investment Strategy, as detailed in paragraphs 2.1 – 2.2 of the report submitted;

2.        the Prudential Indicators, as set out at paragraph 2.3 of the report submitted; and

3.        the counterparty and approved countries listing in paragraph 2.4 of the report submitted.