Issue - meetings

Members considered a report which informed them of treasury management activities for 2009/10 and updated Members on current investments in accordance with the CIPFA code of Practice on Treasury Management.

The Council aimed to achieve the optimum return on investments commensurate with the proper levels of security and liquidity.  In the current economic climate, it was considered appropriate to keep investments short-term and only invest with highly credit rated financial institutions.

The report showed the relative performance of external and internally managed funds with the 7 day benchmark for the period ended 31 October 2009.  This illustrated that the Authority had to date outperformed the benchmark.

Managed investments as at 31 October 2009 totalled £16,200,000.  The report detailed how these had been lend out, and with which institutions. 

Officers confirmed that the approved limits within the Annual Investment Strategy were not breached during the second quarter of 2009/10. 

Resolved:

i)                    That the report be received

ii)                  That the current investments and performance in 2009/2010 be noted.

Reason:

The CIPFA Code of Practice on Treasury management had been adopted by the Council.  A provision of the Code was that regular reports must be made to the Council relating to treasury management activities.