Issue - meetings

The Local Government Act requires the Council to set out its treasury strategy for borrowing and to prepare an Annual Investment Strategy

Councillor David Laming in an ad hoc statement asked for clarification about the status and amount allocated under the Revolving Investment Fund.  He understood that an amount of £3M allocated for east of Bath flood compensation was now to be used for installation of step banks.  He was concerned that the full £3M might be spent unnecessarily.

Councillor David Bellotti assured Councillor Laming that only the required funds would be spent, in line with the Cabinet’s determination to void unnecessary expenditure.  He reminded Cabinet that the RIF was a revolving fund precisely because it had to be repaid, so no benefit would come from any overspend.  He asked officers to respond to Councillor Laming’s enquiry.

He moved the recommendations.

Councillor Paul Crossley seconded the proposal.

On a motion from Councillor David Bellotti, seconded by Councillor Paul Crossley, it was

RESOLVED (unanimously)

To RECOMMEND to Council:

(1) That Council approves the actions proposed within the Treasury Management Strategy Statement in Appendix 1;

(2) That Council approves the Investment Strategy as detailed in Appendix 2;

(3) That Council approves the changes to the authorised lending lists detailed in Appendix 2 and highlighted in Appendix 3;

and

To AGREE:

(4) To NOTE the Treasury Management Indicators detailed in Appendix 1 and delegate authority for updating the indicators prior to approval at Full Council on 19th February 2013 to the Divisional Director - Finance and Cabinet Member for Community Resources, in light of any changes to the recommended budget as set out in the Budget Report elsewhere on the agenda for this meeting.