Issue - meetings

(a)       That the report be noted; and

(b)       That the Treasury Management Mid Year Report 2012/13 be presented to the Cabinet on 16 October 2012.

The Clwyd Pension Fund Manager introduced the update report on matters relating to the Council’s Treasury Management Policy, Strategy and Practices 2012/13 to the end of August 2012 which was also due to be submitted to Cabinet and County Council.

Members were advised of the Council’s continuing cautious approach to invest for no longer than three months and that the availability of lower interest rates for longer periods made it difficult to restructure debt.  The mid-year report showed compliance with every treasury management practice, with the exception of a minor administrative error detailed in the report.  The Clwyd Pension Fund Manager gave an update on the Landsbanki issue shown in the report, but was unaware of a potentially related issue brought to his attention by the Chair.

Following a question from Councillor G.H. Bateman on the transfer of responsibility for the Council’s Treasury Management function, the Clwyd Pension Fund Manager said that officers would continue to take advice from the treasury advisers, Sterling, on policies.  The Head of Finance explained that following a review of the Finance function, responsibility for the Council’s Treasury Management would transfer to the Corporate Finance Manager and his team which included the Finance Manager (Strategy & Technical) and Funds Officer who were present in the public gallery.

RESOLVED:

(a)       That the report be noted; and

(b)       That the Treasury Management Mid Year Report 2012/13 be presented to the Cabinet on 16 October 2012.