Treasury Management Action Plan - update

Report: 11
Date: 15 June 2009
By: Treasurer

Summary

This report is the first update on the progress in implementing the treasury management action plan agreed by the Finance and Resources Committee on 5 March 2009. Further update reports on progress will be brought to the Corporate Governance Committee on a quarterly basis.

A. Recommendation

That Members note the contents of this report

B. Supporting information

1. At the Finance and Resources Committee meeting of 5 March 2009 an action plan was agreed in response to recommendations following an independent report into treasury management by KPMG. It was agreed at that meeting that the Corporate Governance Committee would monitor implementation of the approved Treasury Management Action Plan at each of its quarterly meetings.

2. Accordingly, the progress made against the individual recommendations has been set out in Appendix 1. Members are invited to review the detailed progress identified therein. Further quarterly updates will be brought to this committee at its future meetings.

C. Race and equality impact

None specific to this report.

D. Financial implications

None specific to the review of the implementation of the Action Plan other than the possible additional costs following the commissioning of Standard and Poors rating agency and the possible financial cost of the use of credit default swap facilities.

E. Background papers

• Treasury Management report to Finance and Resources Committee 5 March 2009

F. Contact details

Report author: Ken Hunt, Treasurer

For information contact:

MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18

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