Issue - items at meetings - Annual Investment Strategy 2016/17

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

That Policy & Resources Committee recommend to full Council the approval of the Annual Investment Strategy 2016/17 as set out in Appendix 1 to this report.

145.1      The Committee considered a report of the Executive Director for Finance & Resources in relation to Annual Investment Strategy 2016/17. Under the Local Government Act 2003 local authorities were required to approve an annual investment strategy which gave priority to security and liquidity. Officers also noted there were two contextual amendments: at paragraph 3.12 of the report in the final sentence the word ‘maximum’ should be added after sector, and at paragraph 1.3.1 in Appendix 1 the word ‘maximum’ should replace the word total.

145.2      In response to concern expressed by Councillor Wealls it was explained that Officers would be very clear about the risk of investment in any property funds; however, the reference was there to ensure that they were not completely ruled out. Officers suggested that were any investment in property funds proposed then this could be done in conjunction with a briefing for key Members; however, Councillor Wealls maintained his position that investment in this area should not be a potential option for the Council in its Investment Strategy. Councillor Janio also noted his concern in relation to the potential risk involved with investment in property funds.

145.3      Councillor Mitchell noted that she supported the report as recommended on the basis that Officers would brief any Members as had been proposed.

145.4      Councillor Wealls proposed an amendment that the reference to investment funds be removed from the report at paragraph 3.8; this was seconded by Councillor G. Theobald.

145.5      The amendment was not carried.

145.6      Councillor A. Norman commended the work of the team, and highlighted her view that the strategy was sound; she noted that the authority had continued to maintain its AAA rating.

145.7      It was confirmed for Councillor Sykes that the list at paragraph 3.8 was all of those that would be considered for investment.

145.8      The Chair then put the recommendations to the vote as set out in the report.

145.9      RESOLVED TO RECOMMEND: That the Committee recommend to Council the approval of the Annual Investment Strategy 2016/17 as set out in Appendix 1 to this report.