Agenda and minutes

Apologies were received from Alderman Peter Hewitt and Philip Woodhouse.

Henry Colthurst declared a non-pecuniary interest by virtue of being a member of the Pensions Board at Hackney Borough Council.

To agree the public minutes and non-public summary of the meeting held on 1 December 2016.

RESOLVED - That the public minutes and non-public summary of the meeting held on 1 December 2016 be agreed as a correct record.

Report of the Town Clerk.

Members received and discussed the list of Outstanding Actions. Members noted that responses to the Charities Pool survey were being returned and collated for the May Board meeting.

RESOLVED – That the report be noted.

Report of the Chamberlain.

The Board received the monthly review for September 2016 which detailed the list of current investments. In response to a Members’ query, the Corporate Treasurer undertook to report back regarding differing levels of default risk for term deposits with Lloyds Bank. With regard to cash balances, the Chairman advised that a significant proportion of balances were held for payment to third parties; they were either restricted reserves or would be drawn down over the coming years to fund various major projects (such as Museum of London).  Some £200m was being held as part of the City’s contribution to Crossrail which was expected to be paid at the start of the 2017/18 financial year subject to completion of specific milestones. Although this restricted long-term investments, officers advised that work was underway to identify medium term options. A Member requested that comparative figures for previous years be included in the summary for future reports.

RESOLVED – That:

a)    comparative figures for previous years be included in the summary for future reports; and

b)    the report be noted.

Report of the Chamberlain.

The Board received a report of the Chamberlain setting out the City’s Treasury Management Strategy Statement and Annual Investment Strategy for 2017/18. The only change was to the Non Specified Investments where UK Index Linked Gilts had been included. In response to a Member’s question, officers advised that the £50m maximum for UK Index Linked Gilts could be reviewed in due course.

RESOLVED – the Treasury Management Strategy Statement and Annual Investment Strategy for 2017/18 be approved, and that Finance Committee be recommended to submit it to the Court for formal adoption as part of the City Fund - 2017 Budget Report.

There were no questions.

There was no other business.

MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

RESOLVED - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

Item No.                                                          Paragraph(s) in Schedule 12A

9-12                                                                                         3

13-14                                                                                       -

To receive a presentation from M&G Investments.

The Board received two presentations from M&G Investments.

To agree the non-public minutes of the meeting held on 1 December 2016.

RESOLVED - That the non-public minutes of the meeting held on 1 December 2016 be agreed as a correct record.

Report of the Town Clerk.

Members received and discussed the list of non-public Outstanding Actions.

RESOLVED – That the report be noted.

Report of the Chamberlain (to follow).

Members considered a report of the Chamberlain.

There were no non-public questions.

There were two items of other business.