Agenda item - Annual Investment Strategy 2017/18

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

RESOLVED TO RECOMMEND - That the Committee recommend to full Council the approval of the Annual Investment Strategy 2017/18 as set out in Appendix 1 to this report.

139.1      The Committee considered a report of the Executive Director for Finance & Resources in relation to Annual Investment Strategy 2017/18. The Local Government Act 2003 introduced a prudential capital finance system whereby levels of borrowing and investments were decided locally. Guidance issued under the Act required a local authority to approve an annual investment strategy which prioritised security and liquidity and required the Council to set out its policies on: determining the credit-worthiness of its investment counterparties and the frequency at which such determinations are monitored; holding investment instruments other than deposits held in financial institutions or government bodies; determining the maximum periods for which funds may be invested; the minimum level of investments to be held at any one time.

139.2      In response to Councillor G. Theobald it was explained that a detailed report was provided which contained information on exactly where money was invested.

139.3      It was agreed that a response would be provided to Councillor Wealls after the meeting in relation to increased limits to deposits with Lloyds Bank.

139.4      In response to Councillor Sykes it was explained that the improved performance of the Council’s investments was not only linked to increased performance management on the part of the Council as a customers; these types of contracts were heavily scrutinised by the organisation and there was always an element of risk with any investment.

139.5      The Chair then put the recommendations to the vote.

139.6      RESOLVED TO RECOMMEND - That the Committee recommend to full Council the approval of the Annual Investment Strategy 2017/18 as set out in Appendix 1 to this report.