Issue - meetings

In accordance with CIPFA’s Code of Practice on Treasury Management, the Committee considered the report of the Head of Finance and Customer Services setting out the draft Treasury Management Strategy 2012/13, including a series of Treasury and Prudential Indicators.  It was noted that the only major change proposed related to the use of leading building societies for investment purposes.  In considering the effectiveness of the decision taken by the Head of Finance and Customer Services (acting under delegated powers) to reduce the number of building societies from top ten to top five ranked on asset size of the society, an alternative ranking system had been identified that used a combination of management expenses (operational overheads, not running costs) and asset size.  This approach had been discussed with the Council’s Treasury Management advisers and was considered to give a better indication of how the group would fare in difficult economic conditions.

RESOLVED:  That the Cabinet be recommended to agree the Treasury Management Strategy 2012/13 as set out in the report of the Head of Finance and Customer Services.