Members were reminded that the Treasury Management Strategy Statement (TMSS) for 2014/15 was approved by Council on 5 March 2014.

The Chartered Institute of Public Finance and Accountancy (CIPFA) issued a Code of Practice for Treasury Management.  The Code suggested that Members should be informed of Treasury Management activities at least twice a year, but preferably quarterly.  This report therefore ensured this Authority was embracing best practice and meeting the statutory requirements. 

The legal status of the Code was derived from regulations issued under the Local Government Act 2003 which required local authorities to “have regard to guidance that the Secretary of State may by regulations specify.”  The Code and the CIPFA Prudential Code fell into this category.

Cllr Aspinell MOVED and Cllr Lloyd SECONDED  and it was RESOLVED UNANIMOUSLY:

1.  To note the treasury activity for the period 1 April 2014 to 30 September 2014.

2.  To approve changes to the credit methodology where viability, financial strength and support ratings will not be considered as key criteria in the choice of investment counterparties.