Decision details

The Committee considered a report setting out details of the County Council's treasury management activity for the period April - July 2017. The report set out details of the economic conditions during the period; borrowing activity; investment activity; and actual results measured against the 2017/18 Prudential Indicators.

Reference was made to the decision, taken under the County Council's Urgent Business Procedure, to create a new post of Director of Investment who would report to the Director of Financial Resources and would present future reports to the Committee on treasury management activity. The establishment of the new post followed a review of resources including the level and type of support provided by the Local Pensions Partnership Ltd (LPPL) under a contracted arrangement. It was proposed that the Committee would have oversight of any decisions that the Director of Financial Resources might take for the investment of up to £15m in individual funds, with the £15m cap being an appropriate medium range figure. Investments in excess of £15m would require approval from Cabinet.

Officers were requested to provide more detail on the Public Finance Initiative (PFI) liability detailed on page 35 of the report including, in particular, whether the liability was reducing.

Resolved: - That:

(i)  The treasury management activities for the period April to July 2017 as set out in the report be noted;

(ii)  The changes to the Council's treasury management resource as set out in the report be noted;

(iii)  The process for fund selection, as set out in the report, including decisions for funds of up to £15m to be made by the Director of Financial Resources, be approved;

(iv)  The changes, as set out in the report relating to IFRS 9 that are to be implemented from 1 April 2018, be noted.