To receive any apologies for absence including any changes to the membership of the Committee.

Apologies for absence were received from Councillor Pentney and Councillor O’Dwyer who would be arriving late.

To confirm as a correct record the Minutes of the meetings of this Committee held on 6, 8 and 9 November 2017.

Minutes of the meetings of the Investment Committee held on 6, 8 and 9 November 2017 were confirmed as a correct record and signed by the Chairman.

To consider passing a resolution to exclude the press and public from the meeting prior to consideration of the following items on the agenda on the grounds that exempt information (as defined in Paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended) is likely to be disclosed.

Prior to consideration of the items in Minutes 92 to 94 the press and public were formally excluded from the meeting on the grounds that the items involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended).

To discuss the operation of the Investment Fund Strategy in light of the recent government announcements.

Martin Phillips, Head of Financial Services provided a verbal update on the national perspective in respect of Council investments.  Members discussed issues in connection Minimum Revenue Provision (MRP) and Voluntary Revenue Provision (VRP) and agreed that this would be reviewed and options brought back to a future meeting for Members’ consideration.

(Note:  Councillor O’Dwyer arrived during consideration of this item.)

To consider potential investment opportunities.

Liam Montgomery, TDA outlined two out of area investment opportunities as set out in the exempt reports circulated at the meeting.  He also outlined a potential local investment opportunity.

Resolved:

(i)         that investment opportunity 1 be not pursued (unanimous); and

(ii)        that investment opportunity 2 be not pursued (unanimous).

To receive an update on existing investments.

Liam Montgomery, TDA, outlined the Torbay Council Investment Fund Dashboard which was circulated at the meeting.  The report showed how each of the assets the Council had purchased via the Investment Fund were performing and levels of costs and income generated to date.

Resolved:

(i)         that future meetings of the Investment Committee be held at a location with a projector; and

(ii)        future dashboards to include the additional information discussed at the meeting (unanimous).