Agenda item - Annual Investment Strategy 2016/17

Extract from the proceedings of the Policy & Resources Committee meeting held on the 17^th March 2016 (copy to follow); together with a report of the Acting Director of Finance & Resources (copy attached).

102.1.     Councillor Morgan formally moved the report and recommendations that Council approve the Annual Investment Strategy for 2016/17.

102.2.     Councillor Wealls stated that the Conservative Group commended the report, with the exception of the inclusion of investment funds as set out in paragraph 3.8 of the report. He went on to add that, despite additional information and assurance from Officers following the consideration of the report at the report at the Policy & Resources Committee, he remained of the view that the level of risk associated with property funds made this asset class inappropriate for Council investment.

102.3.     Councillor Hamilton noted that the matter of investment in property funds had been discussed at the Policy & Resources Committee; however, he noted that 144 other local authorities invested in this asset class, and he was satisfied with the assurance that Officers would consult with key Members before any decision to invest in such funds was made. He stated that the Labour & Co-Operative Group would support the recommendation in the report.

102.4.     RESOLVED – That Council approve the Annual Investment Strategy 2016/17 as set out in Appendix 1 to this report.