Issue - meetings

report by Mr John Simmonds, Cabinet Member for Finance and Business Support and Mr Andy Wood, Corporate Director of Finance and Procurement)

(1)       Mr Simmonds introduced this wide-ranging report and highlighted key areas of activity and actions being taken by the County Council in respect of maintaining a robust Treasury Management Strategy. Mr Simmonds also briefed the meeting on the Strategy in relation to counterparties and gave an update on the latest encouraging position in respect of the Icelandic banks.  The Council had already recovered some £15m deposited with Glitnir and 100% of this would be recovered. A first dividend of £5.5m had already been paid.  The Council also had £17m deposited with Landsbanki and 98% of that would be recovered. The Heritable administration continued to proceed well and the Council was confident of a final return of at least 85%. To date 65p in the £ had been paid totalling £11.9m

(2)       Cabinet resolved:

(i)      that the revised Treasury Management Policy Statement  as detailed in the Cabinet report be agreed;

(ii)  agreement be given to the proposed Borrowing  Requirement and Strategy as detailed in the Cabinet report,  and,

(iii)  as detailed in the Cabinet report approval be given to the proposed counter parties together with the delegations to the Corporate Director for Finance and Procurement and the Cabinet Member.