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Venue: Committee Rooms - West Wing, Guildhall

Contact: Philippa Sewell
tel. no.: 020 7332 1426  Email: philippa.sewell@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies were received from Alderman Peter Hewitt and Philip Woodhouse.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

Minutes:

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

 ...  view the full minutes text for item 2.

3.

Minutes of the previous meeting pdf icon PDF 179 KB

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

 ...  view the full agenda text for item 3.

Minutes:

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

 ...  view the full minutes text for item 3.

4.

Outstanding Actions pdf icon PDF 114 KB

Report of the Town Clerk.

 ...  view the full agenda text for item 4.

Minutes:

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.

 ...  view the full minutes text for item 4.

5.

Monthly Investment Analysis Review pdf icon PDF 361 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 5.

Additional documents:

Minutes:

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.

 ...  view the full minutes text for item 5.

6.

Treasury Management Strategy Statement and Annual Investment Strategy 2017/18 pdf icon PDF 87 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 6.

Additional documents:

Minutes:

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.

 ...  view the full minutes text for item 6.

7.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

 ...  view the full minutes text for item 7.

8.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

 ...  view the full minutes text for item 8.

9.

Exclusion of the Public

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.

 ...  view the full agenda text for item 9.

Minutes:

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                                                                                       -

 ...  view the full minutes text for item 9.

10.

Presentation - M&G Investments

To receive a presentation from M&G Investments.

 ...  view the full agenda text for item 10.

Minutes:

The Board received two presentations from M&G Investments.

 ...  view the full minutes text for item 10.

11.

Non-public minutes of the previous meeting

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

 ...  view the full agenda text for item 11.

Minutes:

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

 ...  view the full minutes text for item 11.

12.

Non-public Outstanding Actions

Report of the Town Clerk.

 ...  view the full agenda text for item 12.

Minutes:

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

 

RESOLVED – That the report be noted.

 ...  view the full minutes text for item 12.

13.

Draft Investment Strategy Statement

Report of the Chamberlain (to follow).

 ...  view the full agenda text for item 13.

Minutes:

Members considered a report of the Chamberlain.

 ...  view the full minutes text for item 13.

14.

Non-public questions on matters relating to the work of the Committee

Minutes:

There were no non-public questions.

 ...  view the full minutes text for item 14.

15.

Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded

Minutes:

There were two items of other business.

 ...  view the full minutes text for item 15.

 


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