(Time: 3.12pm to 3.17pm)
The Executive received and considered report 137/07 of the Strategic Director and Chief Finance Officer. The Treasury Management Policy, agreed by Council in December 2001, required the approval of an annual Treasury Management Strategy for the next financial year. This was in line with the Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice on Treasury Management.
The then named Department for Communities and Local Government (DCLG) had issued guidance under Section 15 of the Local Government Act 2003 on Local Government cash investments which required approval of an Annual Investment Strategy. The report put forward an Annual Strategy for 2008/09 which complied with the CIPFA code and the DCLG guidance. This was largely unchanged from the existing strategy for 2007/08 with unchanged limits. The strategy was restricted to non-property investments.
Councillor Andrew Crawford, Vice-Chair of the Scrutiny Committee, was invited to speak. He asked if the Executive was content to approve the strategy, which allowed large sums to be deposited with the 30th largest building society. The Executive was content with the proposed strategy.
RESOLVED (by seven votes to nil)
that the Annual Treasury Management and Investment Strategy for 2008/09 and the limits and guidelines specified therein, as set out in Appendix A to report 137/07, be approved.