Issue - meetings

Report number CHFCS017 by the Corporate Head, Finance and Customer Services.                                    (Enclosure)

DECISION:- To approve the revised Treasury Management Strategy for 2008/9, as recommended by Cabinet on 5^th January 2009.

Council had before them report CHFCS17 of the Corporate Head of Finance and Customer Services on the need to update the current Treasury Management Strategy for 2008/9, as required by the Local Government Act 2003 and on account of the uncertainty in the investment markets and the current financial climate. Authority was therefore sought to update the current 2008/9 strategy.

The Strategy needed to be amended to enable the S.151 Officer to take a more risk averse line in order to better manage the risk to the Council.

It was therefore proposed that the level of financial standing of an institution should be increased and the relevant criteria were set out in the report. The revised Strategy also set out the maximum amount that could be invested with one institution for both specified and non specified investments.

Whilst all investments placed after any approval of this strategy would comply with the updated specifications, there may be some current investments that fall outside these criteria. These would be closely monitored until maturity and subsequent re-investments would be in line with the current Strategy. 

The motion was duly proposed, seconded and carried.

(Council adjourned for tea from 3.35-3.50pm)