| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| MATTERS FOR RECOMMENDATION TO THE COUNCIL | ||
| CB 13/015 |
Treasury Management Strategy Statement and Annual Investment Strategy for 2013/14 |
The report of the Director of Finance and Transformation provided details of investments undertaken and returns achieved in the first nine months of the current financial year. Members were invited to consider amending the current non-UK AAA sovereign requirements and to confirm the current split of investment responsibilities for in-house and externally managed funds. The report highlighted the key issues for the forthcoming year and concluded with a recommendation to adopt the Treasury Management Strategy Statement and Annual Investment Strategy for 2013/14. It was noted that the Audit Committee had reviewed the matters covered by the report at its meeting on 28 January 2013 and the revised arrangements had been commended for adoption. RECOMMENDED: That (1) the treasury management position as at 28 December 2012 be noted; (2) a non-UK sovereign credit requirement of Fitch AA- or equivalent be adopted; (3) recognition of the minimum sovereign credit requirement be amended to that expressed by all three credit rating agencies (Fitch, Moody's and Standard & Poor's); (4) the current split of investment responsibilities requiring all core funds to be managed exclusively by the Council's external fund manager be maintained; (5) a 10% exposure limit to each enhanced cash or similar AAA rated fund be adopted (no more than 20% exposure to such funds at any one time) and; (6) the Treasury Management Strategy Statement and Annual Investment Strategy for 2013/14, as set out at Annex 4 to the report, be adopted. *Referred to Council |