Issue details

Summary

This report recommends that the Leader, using urgency powers, approves the amendment of the Council’s Treasury Management Practice 1 to reflect the correct investment limits for property funds.

Access to Information

The report together with any other documents being considered (unless they contain exempt information) would ordinarily be available for inspection 5 clear days before the decision is taken by the Cabinet. Copies are available on the Council's website or requested from Democratic Services Medway Council, Gun Wharf, Dock Road, Chatham, Kent, ME4 4TR or email democratic.services@medway.gov.uk If you wish to submit information to the Cabinet about the item please also contact Democratic Services.

On this occasion it has not been possible to provide 28 clear days’ notice, nor 5 clear days’ notice, therefore Section 11 (Cases of special urgency) of the Local Authorities (Executive Arrangements)(Meetings and Access to Information)(England) Regulations 2012 and Rule 17 (Special urgency) of the Council’s Access to Information Rules, as set out in the Constitution, have been complied with. The Chairman of the Business Support Overview and Scrutiny Committee has agreed that consideration of this report is urgent and cannot be reasonably deferred until the next Cabinet meeting on 8 August 2017 because: Investment in property funds requires a 'trade' for the Council to purchase units in the fund; having identified and vetted the funds in which the Council would like to invest, the Council has learned that one of the funds only trades once each month and as such, unless the Council places the £5m intended with this fund on Monday 31 July 2017, the Council will not be able to place the funds until September and will lose 1 month's investment income on this £5m as a result.

Additionally, in line with rule 15.11 of Chapter 4, Part 5 of the Constitution, call-in can be waived where any delay likely to be caused by the call-in process would seriously prejudice the Council’s or the Public’s interests. The Chairman of the Business Support Overview and Scrutiny Committee has agreed that the decisions proposed are reasonable in all the circumstances and to them being treated as a matter of urgency and to waive call-in.