Council's prudent management of its finances

PUBLISHED: 10:27 16 October 2008 | UPDATED: 09:47 10 June 2010

The leader of Devon County Council, Cllr Brian Greenslade, applauded the council's finance director John Mills today for his prudent management of the council s finances.

The leader of Devon County Council, Cllr Brian Greenslade, applauded the council's finance director John Mills today for his prudent management of the douncil's finances.

Mr Mills told douncillors that Devon County Council has no deposits with any of the Icelandic Banks, and never has had because they have never met the douncil's strict lending criteria.

He explained that the douncil's money management strategy, which dictates how the douncil invests its money, gives heavy emphasis to the security over and above the rate of return.

Further action by the douncil in recent months has seen suspension of any more of their lending to banks, building societies and money market funds. The douncil is making all new investments with the Government Debt Management Office.

Mr Mills predicted that the current difficulties in the banking sector are likely to continue for some time.

Cllr Greenslade, said:

"I would like to thank our in-house finance team for the superb job they are doing.

"A large strategic authority like Devon County Council can invest in an award-winning internal investment team, which more than stands examination with the private sector. We are very proud of them."

Conservative Leader, Cllr John Hart, said:

"I would also like to congratulate our staff for taking such wise decisions quite some time ago when the potential difficulties were first coming to light. Decisions taken then have been proved to be well founded."

Labour Leader Cllr Saxon Spence said:

"It is very good to know that public money is being well looked after. Devon County Council has a long tradition of sound financial management, and it is right that public authorities should be looking to maximise security, not high rates of return.

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