Issue - items at meetings - Annual Investment Strategy 2013/14

Report of the Director of Finance (copy attached).

(1)               That the Annual Investment Strategy 2013/14 as set in Appendix 1 to the report be agreed; and

(2)               That the Annual Investment Strategy 2013/14 be recommended to Council for approval.

158.1          The Director of Finance introduced the report which detailed the proposed Annual Investment Strategy for the council for 2013/14 as required by the Local Government Act 2003.  She noted that last July there had been a major change following a review of the strategy and there had been very little change to that in the current proposed strategy.  She therefore recommended that it be agreed and recommended to the council for approval.

158.2          Councillor Littman welcomed the report and thanked the officers for their work.

158.3          Councillor G. Theobald noted that the list of banks where investments could be placed included two that were UK Ltd and asked for assurance that any investments in these banks would be secure and whether there was any difference for organisations such as the council compared to individual investors.

158.4          The Director of Finance stated that all the banks listed were UK based and therefore any investments were safeguarded under UK rules.  She was not sure about whether there was any difference for organisations and individuals and would therefore provide a written response for Councillor Theobald.

158.5          The Chair noted the comments and put the recommendations to the vote.

158.6          RESOLVED TO RECOMMEND:

(1)         That the Annual Investment Strategy 2013/14 as set in Appendix 1 to the report be agreed; and

(2)         That the Annual Investment Strategy 2013/14 be recommended to Council for approval.