Agenda item

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.