Issue - items at meetings - Annual Investment Strategy 2010/11

Report of the Director of Finance & Resources (copy attached).

(1)         That Cabinet endorses the Annual Investment Strategy 2010/11 and recommends its approval to Council.

195.1                The Cabinet considered a report of the Director of Finance & Resources concerning the council’s Annual Investment Strategy for 2010-11.

195.2                In response to a question from Councillor Randall, the Head of Strategic Finance & Procurement explained that the council traditionally had less income to invest in the months of February and March, but had entered into a £2.5 billion deal with Lloyds. He confirmed that the council did consider building society interest rates, but reported that current rates were outside of the market norms causing the council to act cautiously.

195.3                Councillor Young confirmed that the council would consider investing with building societies provided that their rates were considered to be safe.

195.4                RESOLVED - That having considered the information and the reasons set out in the report, the Cabinet accepted the following recommendation:

(1)         That the Annual Investment Strategy 2010/11 be endorsed and recommended to Council for approval.