Issue - meetings

To consider and receive the report as information

To accept the report for information

The Investment Manager submitted a report, noting that the Pensions Committee (at the Committee meeting on 25/03/21), had agreed to pool the Council and Pension Fund's investments for the 2021/22 financial year. It was reported that a decision was made annually to permit the surplus funds of the Pension Fund to be pooled and co-invested with the Council's general cash-flow. It was highlighted that the report compared the actual performance against the strategy for the 2021/22 financial year and achieved the Council's legal duty under the Local Government Act 2003 to take into account the CIPFA Code and the Welsh Government's Investment Guidance.

It was reported, during the 2021/22 financial year, that the Council's borrowing activity remained within the restrictions that had been originally set and £556,000 in interest was received on investments, which was higher than the £433,000 that was in the budget. It was reiterated that no organisation that the Council had invested money with them had defaulted.

Attention was drawn to the investment position, highlighting the areas where the Council had invested money over the period (the list included banks and building societies, local authorities, financial market funds, Debt Management Office (DMO) and pooled funds). It was reiterated that the Debt Management Office was being used this year for the first time for a while and this due to the fact that their rates were very competitive and suitable for investing the Council's cash levels. It was also reported that the rates had improved as a result of an increase in the basic rate from December 2021 onwards. 

In the context of the compliance report and indicators, it was reported that all activities had complied in full with the CIPFA code of practice and the Council's Treasury Management Strategy - this was very encouraging news.

Thanks were expressed for the report.

RESOLVED to accept the report for information.