Issue - meetings

To receive the report of the Director of Corporate Resources – Corporate Services with an update on the treasury management strategy.

The Committee received the report of the Director of Corporate Resources – Corporate Services with the Treasury Management Strategy Statement 2019/20 to 2021/22.

In response to Members’ questions, it was confirmed that:

·         There is no formula that calculates the level of reserves required based on the investment balance. It had been deemed prudent to raise the value of the Risk Reserve (as outlined in Recommendation iii below) as the total value of investment had risen.

·         The County Council benchmarks its treasury management via its independent treasury advisor – Arlingclose, who provide benchmarking data from their universe of clients. It was confirmed that the County Council is performing well in relation to other Local Government organisations.

RESOLVED:

That the Audit Committee notes the following recommendations that have been made to Cabinet:

i.              That the Treasury Management Strategy, including the Annual Investment Strategy for 2019/20 (and the remainder of 2018/19) is approved.

ii.            That authority is delegated to the Deputy Chief Executive and Director of Corporate Resources to manage the County Council’s investments and borrowing according to the Treasury Management Strategy Statement as appropriate.

iii.           That a further £1m is added to the Investment Risk Reserve as protection against the irrecoverable fall in value of any investments.