To receive and consider the report of the Responsible Financial Officer.
The Committee received and considered the report and accompanying document from the RFO concerning the Council’s investment strategy.
Members heard this was usually reviewed in autumn and was part of Officers’ due diligence in good financial management. A number of minor amendments were proposed, mainly regarding the powers open to Councils on investments. Overall, the strategy was prudent and cautious which was broadly similar to other larger town/parish councils.
Members discussed the sustainability and ethical standards of investments and returns. The policy highlighted the need for social and ethical investments but the levels of sustainability regarding the Councils current investment provider weren’t known.
1. That, the report be noted and,
2. That, the current investment in secure banks be approved, noting the Town Clerk/RFO continue to monitor interest rates to ensure that the Council receives the most advantageous interest rates and,
3. That, the Annual Investment Strategy 2023/24 be formally approved by the Committee, and subsequently Full Council on 4 December 2023 subject to the inclusion of sustainability and,
4. That, Officers feedback to the Committee on the levels of sustainability in the Council’s current investments at a future meeting.