Report of the Chamberlain
The Board considered a report of the Chamberlain considering the Treasury Management Strategy Statement and Annual Investment Strategy (TMSS) for 2018/19. The report was an annual review and would go on to the Finance Committee and Court of Common Council for approval. The Chamberlain proposed to request that if the strategy was agreed by the Court of Common Council, it should be implemented from the day it is agreed, as opposed to the start of the next financial year.
The Board noted that a ten-year cashflow forecast was being prepared at the request of the Resource Allocation Sub-Committee, and cash balances would be reviewed in light of the forecast. The Board noted the addition of Short Dated Bond Funds to the list of non-specified investments and the recategorization of Money Market Funds under ESMA rules in the list of specified investments. The latest Minimum Revenue Provision (MRP) policy statement (for 2017/18) was included in the appendix and this would be updated with the 2018/19 MRP policy statement which was currently being drafted before the TMSS is considered by Finance Committee and then submitted to the Court.
The Board noted that the treasury management services at Capita Asset Services (who are the City’s treasury advisors) had been sold to Link Asset Services. The Chamberlain proposed that a short training event be organised for the Board. The training would be delivered by Link Asset Services in the new municipal year and would cover all aspect of Treasury Management with particular attention to borrowing. Members asked that the training be short, or arranged over more than one session if necessary.
RESOLVED – That the Financial Investment Board:
(i) Approves the Treasury Management Strategy Statement and Annual Investment Strategy for 2018/19, and submits it to the Court for formal adoption, requesting it be implemented from the day it is agreed; and
(ii) Agrees that a short training event be organised for the Board in the new municipal year.