Issue - meetings

Report of the Head of Finance requesting consideration of an investment in CCLA Commercial Property Investment Fund.

The Cabinet had before it a report * of the Head of Finance requesting consideration of an investment in CCLA Commercial Property Investment Fund.

The Cabinet Member for Finance explained that current investment holdings were only receiving a return of around 0.5-0.6%, therefore it had been agreed that the Head of Finance investigate a property investment fund specifically tailored to Local Authority deposits, such as the CCLA.

CCLA (Churches, Charities and Local Authorities) had delivered a return of just under 5% in the last year and slightly higher than that in the preceding two years.  The Cabinet Member confirmed that funds could be withdrawn within one month, without payment of termination fees.

RESOLVED that the inclusion, in the Treasury Management Strategy 2015/16 of the ability to deposit medium term cash balances of no more than £2.5m in to the CCLA commercial property fund, be approved.

(Proposed by the Chairman)

Note: *Report previously circulated, copy attached to minutes.