Agenda item 4 - MTFS (Final) Cab 070213 , item 9. PDF 1 MB

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Specified Investments Appendix D Specified Investments will be those that meet the criteria in the CLG Guidance, i.e. the investment: - is sterling denominated - has a maximum maturity of 1 year - meets the “high credit quality” as determined by the Council or is made with the UK government or is made with a local authority in England, Wales, Scotland or Northern Ireland or a parish or community Authority. - the making of which is not defined as capital expenditure under section 25(1)(d) in SI 2003 No 3146 (i.e. the investment is not loan capital or share capital in a body corporate). “Specified” Investments identified for the Council’s use are: • Deposits in the DMO’s Debt Management Account Deposit Facility • Deposits with UK local authorities • Deposits with banks and building societies • *Certificates of deposit with banks and building societies • *Gilts: (bonds issued by the UK government) • *Bonds issued by multilateral development banks • Treasury-Bills (T-Bills) • Local Authority Bills (LA Bills) • Commercial Paper • AAA-rated Money Market Funds with a Constant Net Asset Value (CNAV) • AAA-rated Money Market Funds with a Variable Net Asset Value (VNAV) • Other Money Market Funds and Collective Investment Schemes i.e. credit rated funds which meet the definition of a collective investment scheme as defined in SI 2004 No 534 and SI 2007 No 573. 1. * Investments in these instruments will be on advice from the Councils Treasury Advisor. 2. The use of the above instruments by the Councils Fund Manager will be by reference to the fund guidelines contained in the agreement between the Council and the individual manager. For credit rated counterparties, the minimum criteria will be the lowest equivalent long-term ratings by Fitch, Moody’s and Standard & Poor’s (where assigned). UK Ratings: Long-term Fitch A- Moody’s A3 S&P A- The Council will also take into account information on corporate developments of and market sentiment towards investment counterparties. 91
Specified investments will be made within the following limits: Instrument Country/ Domicile Counterparty Maximum Counterparty / group Limits £m Term Deposits UK DMADF, DMO No limit Term Deposits/Call UK Other UK Local Authorities No limit Accounts Term Deposits/Call Accounts/CDs Term Deposits/Call Accounts/CDs UK Counterparties rated at least A- Long Term £30m CP / £45m group limit (max 22.5% of portfolio) Non-UK Counterparties rated at least A- Long Term in select countries with a Sovereign Rating of at least AA+ £20m Gilts UK DMO No limit T-Bills UK DMO No limit LA-Bills UK Other UK Local Authorities No limit Bonds issued by multilateral development banks AAA-rated Money Market Funds UK / Ireland / Luxembourg domiciled * (For example, European Investment Bank/Authority of Europe, Inter-American Development Bank) CNAV MMFs E.g. note this list is not extensive £30m overall EIB; CoE; IADB Bonds £10m per CP for CNAV funds, £50m overall* Deutsche Bank; State Street; HSBC; Goldman Sachs; Prime Rate; RBS; Ignis etc. Investec Liquidity Fund Other MMFs and CIS UK/Ireland/ Luxembourg domiciled * Pooled funds which meet the definition of a Collective Investment Scheme per SI 2004 No 534 and subsequent amendments £15m per CP** Payden & Rygel; VNAV MMFs (where there is greater than 12 month history of a consistent £1 Net Asset Value) £10m per CP for VNAV funds, £50m overall* Aviva, Federated Prime Rate VNAV MMF Investec Short Bond Fund Note: Any existing deposits outside of the current criteria will be reinvested with the above criteria on maturity. *All MMFs are separate ring fenced legal entities, independent and registered with a regulatory body. Despite being domiciled in Ireland (or Luxembourg) they do not have exposure to Irish bank debt or Irish sovereign securities. All MMFs on our counterparty list have zero exposure to Irish investments. The maximum invested with a single MMF will be no more than 0.5% of that MMF’s assets in order to contain risk. **This limit excludes funds held by the Councils Fund Manager, Investec. 92
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Gloucestershire County Council Medi
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7 The capital budget strategy refle
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This will then provide a further £
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The draft budget was also considere
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for non Academy Schools. These amou
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• Providing the basics - In the c
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(1) The budget provides for contrac
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Any increase in a school’s depriv
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In the future there is a risk that
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40 Council’s financial standing a
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2014/15 2015/16 £m £m Budget 420.
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Entry’ approval had been given, w
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escheduling, and investments. • P
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ANNEX 1.1 : COMMISSIONING INTENTION
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Delivering Change Achieving improve
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Currently an estimated 38,000 older
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ANNEX 1.3: COMMISSIONING INTENTIONS
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Looking Forward Some of the changes
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Source LGA: From transition to tran
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The Council is ideally placed to ta
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Page 58 and 59: Forward Planning 2013/14 to 2015/16
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Page 62 and 63: • The Learning Disabilities Exter
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Page 68 and 69: Academies. Such adjustments will be
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Page 72 and 73: Annex 9 Capital Programme Prior Yea
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Page 98 and 99: 3. The Local Authority Mortgage Sch
Page 100 and 101: ANNEX 11 RISK MANAGEMENT STRATEGY 2
Page 102 and 103: Risk Management Policy Statement Gl
Page 104 and 105: What are our Strategic Risk Managem
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Page 108 and 109: Staff/Other Stakeholders ‣ Mainta
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Agenda item 4 - MTFS (Final) Cab 070213 , item 9. PDF 1 MB

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