Agenda and minutes

          The Minutes of the meeting held on 13^th October 2011 were taken as read and signed as a correct record.

          The Sub-Committee considered a report which updated Members on the activities undertaken on the money market as required by the Treasury Management Policy.

          The report provided supporting information on the economic background, economic forecast, short term rates, longer term rates, temporary borrowing/investments and new borrowing. It was noted that all the policy guidelines in the Treasury Management Policy had been complied with.

          RESOLVED: That the report be noted.

          The Sub-Committee considered a report, which reviewed activities on Treasury Management for the mid-year point 2011/12 in accordance with the Council’s Treasury Management Policy Statement.

          The mid year report covered the following:

-    An economic update for the first six months of 2011/12;

-    A review of the Treasury Management Strategy Statement and Annual Investment Strategy;

-    Capital expenditure (prudential indicators);

-    A review of the Council’s investment portfolio for 2011/12;

-    A review of the Council’s borrowing strategy for 2011/12;

-    A review of any debt rescheduling undertaken during 2011/12;

-    A review of compliance with Treasury and Prudential Limits for 2011/12.

          Members were advised that as a consequence of delays in the capital programme and in particular the Mersey Gateway project, more investments were being held with UK backed LloydsTSB and the Royal Bank of Scotland. With potential further delays likely combined with advance borrowing where beneficial, it was recommended to increase the counterparty limits of LloydsTSB and RBS as follows:

Current                             Revised

                                        <3months      >3months      <3months      >3months

LloydsTSB                        £20million      £15million      £30million      £20million

RBS                                 £20million      £15million      £30million      £20million

          RESOLVED: That Council be recommended to approve the revised Prudential Indicators and the increase in counterparty limits for Lloyds/TSB and Royal Bank of Scotland.

The Board considered:

(1)      whether Members of the press and public should be excluded from the meeting of the Board during consideration of the following item of business in accordance with Sub-Section 4 of Section 100A of the Local Government Act 1972 because it was likely that, in view of the nature of the business to be considered, exempt information would be disclosed, being information defined in Section 100 (1) and paragraph 3 of Schedule 12A of the Local Government Act 1972; and

(2)      whether the disclosure of information was in the public interest, whether any relevant exemptions were applicable and whether, when applying the public interest test and exemptions, the public interest in maintaining the exemption outweighed that in disclosing the information.

          RESOLVED: That as, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, members of the press and public be excluded from the meeting during consideration of the following items of business in accordance with Sub-Section 4 of Section 100A of the Local Government Act 1972 because it is likely that, in view of the nature of the business, exempt information will be disclosed, being information defined in Section 100 (1) and paragraph 3 of Schedule 12A of the Local Government Act 1972.

          The Sub Committee considered a report which detailed the tender exercise that had been carried out under EC procurement procedures for the provision of local Waste Reception, Recycling and Transfer Services.

          The tender had been divided into ‘lots’ and expressions of interest were advertised through the OJEU procedure. The contract period would be 3 years commencing on 1^st September 2011, with a possible extension of up to two years. Consequently of the three companies were invited to tender, one contractor returned completed tender documents (WSR Recycling Limited). The report outlined the detailed tender submission received and those ‘lots’ which had been accepted.

          RESOLVED: That

1.               the award of ‘Lots’ 2 to 5 inclusive from the above tender be noted;

2.               the name of the successful tenderer be noted;

3.               the reasons for not awarding ‘Lots’ 1,6,7,8 and 9 be noted; and

4.               Officers, in consultation with the Portfolio holders for Resources and Environmental Sustainability, consider options for the lots in 3. above which may include re-tendering using advanced  Requests for Quotes (RFQ’s) as required.

MINUTES ISSUED:   8^th November 2011

CALL IN:  15^th November 2011

Any matter decided by the Executive Board Sub Committee may be called in no later than 15^th November 2011