The Executive considered report 101/10 of the head of finance. This reviewed the treasury management and investment strategy and recommended no change to the strategy for 2011/12 to 2013/14.
The portfolio holder reported that the Audit and Governance Committee had considered the draft strategy also, recommending its adoption subject to rewording one element. The committee had delegated authority to agree a suggested rewording of the investment counterparty selection criteria relating to ‘Banks 4’. The report presented two alternative forms of wording the criteria; the Executive preferred the original.
The Executive supported the draft strategy and recommended its adoption to the Council.
RECOMMENDED
To recommend the Council to approve the following key elements:
(a) the treasury management strategy 2011/12 to 2013/14, including the following wording in the investment counterparty selection criteria:
· Banks 4 – The council’s own banker for transactional purposes if the bank falls below the criteria, although in this case balances will be minimised in both monetary size and time.
(b) the treasury prudential indicators contained in paragraph 40 of the strategy;
(c) the authorised limit Prudential Indicator, as shown in paragraph 6 of the strategy; and
(d) the investment strategy 2011/12 contained in the treasury management strategy and the detailed criteria in Annex A1.