Issue - meetings

To receive and consider report 30/09 of the Head of Finance. 

(Time: 3.47pm to 3.55pm)

Councillor Richard Farrell had declared a personal interest in this item.

The Executive received and considered report 30/09 of the Head of Finance which reviewed treasury management activity during 2008/09.  This detailed the Council’s cash investment performance. 

The Executive Portfolio Holder congratulated the officers and the external fund manager, Investec, on the excellent return achieved during the year when the national economy was in decline and returns on investments were generally reducing.  He warned that the prospects for returns in 2009/10 were not as good.  He also reported that the latest estimate was that the Council could expect to receive back around 85% of its investment in the Icelandic bank, Landsbanki.  However, the final percentage return might be updated in September. 

RESOLVED

(a)               that the return on cash investment during 2008/09 and the balances of funds at 31 March 2009 be noted; and

(b)       that the prospects for the return on cash investments in 2009/10 be noted.