Agenda item

Treasury Management Strategy Statement and Annual Investment Strategy 2020/21

Report of the Chamberlain


The Board considered a report of the Chamberlain setting out the City’s Treasury Management Strategy and Annual Investment Statement (TMSS) for 2020/21. The Board was advised of changes to some figures within the report since the publication of the agenda, with the Chamberlain tabling the revisions for Members’ consideration. The Chamberlain then introduced the report and drew Members’ attention to the key points, setting out changes to the TMSS from last year.


In response to a question from a Member, the Chamberlain explained how extra financing needs would be met up to 2023 and gave further details on forecasting for the City of London Corporation’s capital reserves and how this might impact assets, adding that the position may change over the course of the programme. The Chamberlain further advised that Phase 1 of the Fundamental Review was factored into forecasts, with further work to be done to account for Phase 2. The Board noted that the Investment Committee would be asked to consider a report on asset disposal at its May meeting.


The Board then noted the proposal to increase the overall limit on ‘non-specified investments’ and maximum principal sums invested for more than one year from £300m to £500m.


Arising from the discussion, the Chairman asked whether Members were content to approve the TMSS, noting the tabled changes since the publication of the agenda, and this was agreed.


RESOLVED – That the Financial Investment Board approves the Treasury Management Strategy Statement and Annual Investment Strategy for 2020/21 and submits it to the Finance Committee and the Court of Common Council as part of the City Fund – 2020 Budget Report for formal adoption.

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