Issue - meetings
Treasury Management Quarterly Update Report (Oct 2018 - Dec 2018)
Meeting: 11/04/2019 - Audit Committee (Item 5)
5 Treasury Management Quarterly Update Report (Oct 2018 - Dec 2018) PDF 703 KB
Minutes:
Mr Kevin Miles, Chief Accountant Corporate Finance presented the report and stated the report included an update on the treasury management activity for the period 1st October 2018 to 31st December 2018.
He said the Councils investments were set out in Appendix 1 and the balance outstanding at the end of December was £387.90m, which included £10m pension fund awaiting investment. Mr Miles said that internal investments had outperformed the benchmark, however market uncertainties and negative investment performance of external funds was a concern however these losses had largely reserved in the quarter to March.
Mr Miles said the Corporate Director for Resources, Mr Murton and the Divisional Director for Finance, Mr Bartle had a meeting with Arlingclose, the external investment advisors to discuss the investment strategy. Due to marker uncertainty, only 76m rather than the planned 100m had so far been invested in external funds. The position will be kept under review and subsequently reported upon.
In response to questions the following was noted:
· The £10m pension fund cash balance awaiting investments is held in a money market fund, pending possible investment. It is earning interest.
The Committee RESOLVED to NOTE
1. The contents of the treasury management activities and performance against targets for quarter ending 31st December 2018; and
2. The Council’s investments as set out in Appendix 1. The balance outstanding as at 31st December 2018 was £387.90m which includes £10m, pension fund cash awaiting investment.