Issue - meetings

REPORT OF THE SERVICE DIRECTOR - RESOURCES

To seek approval of a waiver of the Council’s Contract Procurement Rules relating to the standard process for seeking and selecting tenders in relation to long-term Treasury Investments (Multi-Asset Funds and Property Funds).

RESOLVED:

(1)     That Cabinet agree a waiver of the Contract and Procurement Rules to allow the selection process for long-term Treasury Investments (Multi-Asset Funds and Property Funds) to follow the process that has been advised by the Council’s Treasury Advisers;

(2)     That the decision on selecting the funds to be invested in, be delegated to the Service Director: Resources in consultation with the Executive Member for Finance and IT.

Audio recording – 6 minutes 31 seconds

The Executive Member for Finance and IT presented the report entitled Waiver of Elements of the Council's Contract and Procurement Rules in Relation to Selecting Treasury Fund Investments.

The Executive Member for Finance and IT confirmed that the Deputy Executive Member for Finance and IT would be consulted as part of the process, although the formal written decision sat with himself and the Service Director – Resources, as reflected in Recommendation 2.

Upon being put to the vote, it was:

RESOLVED:

(1)     That Cabinet agree a waiver of the Contract and Procurement Rules to allow the selection process for long-term Treasury Investments (Multi-Asset Funds and Property Funds) to follow the process that has been advised by the Council’s Treasury Advisers;

(2)     That the decision on selecting the funds to be invested in, be delegated to the Service Director: Resources in consultation with the Executive Member for Finance and IT.

REASON FOR DECISION: To follow a selection process that has been recommended by the Council’s Treasury Advisers and they have found to be effective.