Agenda and minutes

Apologies were received from Roger Chadwick, Clare James, and Philip Woodhouse.

There were no declarations.

To elect a Chairman in accordance with Standing Order 29.

The Committee proceeded to elect a Chairman in accordance with Standing Order No.29. The Town Clerk read a list of Members eligible to stand and Andrew McMurtrie, being the only Member who expressed his willingness to serve, was duly elected as Chairman of the Committee for the ensuing year. The Chairman took the opportunity to thank Robert Howard for his previous Chairmanship, and advised that the newly appointed Alderman could seek reappointment to this Board in due course.

The Committee proceeded to elect a Deputy Chairman in accordance with Standing Order No.30. The Town Clerk read a list of Members eligible to stand and Nicholas Bensted-Smith, being the only Member who expressed his willingness to serve, was duly elected as Deputy Chairman of the Committee for the ensuing year.

To agree the public minutes and non-public summary of the meeting held on 9 September 2015.

RESOLVED - That the public minutes and non-public summary of the meeting held on 9 September 2015 be agreed as a correct record.

Report of the Town Clerk.

RESOLVED – That the decision taken since the last meeting in accordance with Standing Order No. 41(a), regarding the London LGPS CIV Ltd funding, be noted.

Report of the Town Clerk.

RESOLVED – That the report be noted.

Report of the Chamberlain.

The Board received the monthly review for September 2015, which detailed the list of current investments. The Chamberlain advised that the extension of the Investment List to include funds from Aberdeen and Santander was underway.

Members discussed the report, noting the following:

·         the large cash holding reflected the upcoming £200m Crossrail payment that was likely to made in June;

·         there were limits as to how much could be invested with each entity, and not all banks were looking to borrow money;

·         building societies were assessed on the criteria set out in the Treasury Management Strategy Statement and Annual Investment Strategy (TMSS & AIS);

·         the interest rates varied depending on the duration of the investment and when it was made; and

·         the TMSS & AIS was reviewed annually and the levels of cash held were continually monitored.

REOLVED – That a list of current investments ranked by entity rather than start date be provided periodically; and that the report be noted.

In response to a Member’s query, the Town Clerk advised that a Common Councilman who becomes an Alderman loses the Committee appointments he/she held previously as a Common Councilman. This was covered by statute. Extensive discussions had taken place outside the meeting, and the Town Clerk undertook to forward on this exchange to the Member.

RESOLVED – That the Town Clerk forward the discussions regarding Common Councilman/Aldermanic Committee appointments.

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.

To agree the non-public minutes of the meeting held on 9 September 2015.

RESOLVED - That the non-public minutes of the meeting held on 9 September 2015 be agreed as a correct record subject to one clarification.

Verbal report of the Chamberlain.

Members received a verbal report of the Chamberlain.

Report of the Chamberlain.

Members received a report of the Chamberlain.

Verbal report of the Chamberlain.

Members received a verbal report of the Chamberlain.

There was one non-public question.

There was no other business.