Issue - meetings

To receive a report of the Director of Finance, Assets and Resourcesinforming the Cabinet of the treasury performance during the first six months of 2016/17 and requesting agreement on the ongoing deposit strategy for the remainder of 2016/17.

The Cabinet had before it a * report of the Director of Finance, Assets and Resources informing it of the treasury performance during the first six months of 2016/17 and requesting agreement on the ongoing deposit strategy for the remainder of 2016/17.

The Cabinet Member for Finance outlined the contents of the report stating that UK bank interest rates continued at historically low levels, however the investment in the CCLA (Churches, Charities and Local Authorities) had proved beneficial with a return of 4.54% in the first quarter and 4.33% in the second quarter.

Consideration was given to the need for continued investment and whether to increase the deposit  level with the CCLA.

RESOLVED that the current policy as outlined in the report be approved.

(Proposed by Cllr P H D Hare-Scott and seconded by Cllr C R Slade)

Notes: 

(i)            Cllr C J Eginton declared a personal interest as a member of the Lloyds Banking Group pension scheme;

(ii)          *Report previously circulated, copy attached to minutes.