Agenda item - Treasury Management Policy Statement (incorporating the Annual Investment Strategy) 2012/13 - Mid year review

Report of the Director of Finance (copy attached).

76.1         The Committee considered a report of the Director of Finance on the Treasury Management Policy Statement 2012/13 – Mid Year Review. The report was considered by the Policy & Resources Committee and forwarded to the next available meeting of the Audit & Standards Committee for scrutiny and examination in the context of the role of the Committee in reviewing the adequacy and effectiveness of the Council’s control framework including financial management processes.

76.2         Councillor Sykes asked about achieving better investment of funds by working with other local authorities. In response the Director of Finance stated that there were not always obvious ways to progress this; there had been a Member TBM workshop in June 2012 which helped demonstrate how the Council was at the forefront of pushing financial models.

76.3         Following a query from Councillor Wealls the Director of Finance explained that most investment in banks was short-term; as the Council was not able to make long-term equity investments. In the previous year the Council had sought to broaden the number of investments to spread the portfolio more wisely.

76.4         Councillor Ann Norman noted the excellent work of the Treasury Management Team, and stated that the Council made ethical investments as far as possible. Councillor Sykes noted it was important that the Council consider how it invested money.

76.5         RESOLVED – That the Committee note the report to the Policy & Resources Committee on 29 November 2012 (appendix 1) and the subsequent recommendations and resolution.