Issue - meetings

Having considered an officer report, and a presentation by the Cabinet

Member for Resources, Councillor Kevin Bonavia, the Mayor agreed that:

(1) macro economic context, performance of investments to date, updates on

capital expenditure and borrowing in line with CIPFA requirements and the

Council’s treasury management strategy be noted:

(2) changes to the Treasury Indicators and Limits in respect of the fixed

interest rate borrowing to reflect the maturing structure of the existing

borrowing portfolio be noted;

(3) officers be authorised to work to explore the options, as a non-specified

investment, of pooled investment funds and residential mortgage backed

securities for periods of greater than twelve months and that, if required,

changes to non-specified investments in the Annual Investment Strategy be

brought forward when the treasury strategy is reset with the budget in

February 2017.

The Mayor agreed to accept this late item. Officers had stated the report was

not available for the original dispatch because of officers needing additional

time to complete their review of the current Treasury Management

performance and prepare the report. The report was urgent and could not wait

until the next meeting of the Mayor & Cabinet on 11 January 2017 to comply

with the requirement of the CIPFA Treasury Management Code of Practice

and to enable Members to note the position of the Council’s Treasury

Management Strategy before considering the Treasury Management Strategy

with the Council’s budget in the New Year.

Having considered an officer report, and a presentation by the Cabinet

Member for Resources, Councillor Kevin Bonavia, the Mayor, for the reasons

set out in the report:

RESOLVED that:

(1) macro economic context, performance of investments to date, updates on

capital expenditure and borrowing in line with CIPFA requirements and the

Council’s treasury management strategy be noted:

(2) changes to the Treasury Indicators and Limits in respect of the fixed

interest rate borrowing to reflect the maturing structure of the existing

borrowing portfolio be noted;

(3) officers be authorised to work to explore the options, as a non-specified

investment, of pooled investment funds and residential mortgage backed

securities for periods of greater than twelve months and that, if required,

changes to non-specified investments in the Annual Investment Strategy be

brought forward when the treasury strategy is reset with the budget in

February 2017.

The meeting closed at 6.51pm