Issue - meetings

To consider the Investment Managers Report

The information was accepted.

Submitted – a report by the Investment Manager noting that an annual decision had been made to permit the surplus funds of the Pension Fund to be pooled and co-invested with the Council's overall cash-flow. The officer stated that the report compared actual performance against the strategy for the 2019/20 financial year, and fulfilled the Council's legal obligation under the Local Government Act 2003 to have regard to both the CIPFA Code and the Welsh Government's Investment Guidance.

It was reported that during the 2019/20 financial year, the Council's borrowing activity had remained within the limits originally set, and it had received £546,000 of interest on investments which was above the budgeted level of £406,000. She added that there had been no defaults by any banks with which the Council had invested money, and all prudential indicators had been met.

Although the reduced value of investments by year end at 31/03/20 highlighted the negative impact of the Covid-19 pandemic, she stressed that medium-term investments were the focus, therefore there was an opportunity to recover / reclaim the loss.

RESOLVED to accept the information.