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Lambourn Parish Council Investment Strategy

Introduction:

Lambourn Parish Council (LPC) is responsible for the investment, security and deployment of public funds. The strategy defines how the funds are invested and the security assured.

This strategy supports the LPC Financial Regulations.

LPC investment priorities are

  • the security of its reserves
  • the adequate liquidity of its investments
  • the return on investment

All investments over £1500 should be with Banks or Building Societies covered by the FSCS.

Electronic banking and on-line banking services shall not be used without specific justification and the agreement of the Finance Committee.

Sources of income:

LPC receives funds from the following:

Parish Precept collected through West Berkshire Council

Racing Levy

Letting of the Memorial Hall

Letting of market stalls in the Market Place

Letting of open spaces

Burial and grave digging fees

CIL monies paid on new developments

WBC members bids (for specific parish projects)

Grants applications from various sources (for specific parish project)s

Interest received on investments

Letting of Hungerford Hill paddock (currently income paid to the Lambourn Allotment Society)

Accounts and Funding levels:

Current Account Currently LPC use Barclays Bank.

A bank current account shall be used for the daily running of the finances of the council. The funding level of the account shall be maintained between 4 and 6 average spend.

The account shall not be allowed to exceed £85k (FSCS limit) without specific justification and the agreement of the Finance Committee.

Deposit Accounts Currently LPC use Newbury Building Society.

Deposit accounts shall be used to invest the LPC reserves. Immediate access to the funds is not generally required but access should not exceed 90 days.

The specific account type chosen should provide the best interest rate available based within the constraints of access time and amount available for deposit.

Accounts shall not be allowed to exceed £85k (FSCS limit) without specific justification and the agreement of the Finance Committee.

If any deposit account is likely to exceed £85k (FSCS limit) for more than 90 days then monies should be transferred to a separate deposit account at another Bank or Building Society.

Community Savings and Loans

Investment in Community Banking and Credit Unions providing access and use by the local community may be considered. Care should be exercised to investigate the credibility and management controls of any such schemes before investment is considered.

Investments in such schemes shall not exceed £1500, and shall only be made with full council approval.

Currently a small amount is maintained in a Community Savings and Loans account for use by parishioners needing short term loans. This scheme was administered by the Community Savings and Loans organisation initially established by West Berkshire Council.

Signatories

Signatories to accounts are generally made up of councillors represented on the Finance Committee.

The Clerk to the Parish Council is also a signatory on the current accounts to enable access for management; generally the Clerk does not sign cheques.

Document Control Information
Document owner: Lambourn Parish Council
Version number: DRAFT V1
Approval Date: 5 September 2018
Approved By: Full Council
Review cycle: Annual
Document filename:

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