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Jan 03 2013

Harrow Council Makes Smart Investments

pound_coinsHarrow is one of the best Councils in the country when it comes to investing its money, the Council’s Treasury Management report reveals.

The Council is in the top 10 per cent of local authorities for the return it receives on its investments. It has recently become more flexible with its investments, allowing it to direct more money into the part nationalised (Government-owned) banks, which has made a significant contribution to the income it earned through investing this year. Favourable timing of investments enabled the Council to access higher interest rates.

The Council invested a total of £112.3million for the period ending September 30. It invests with institutions on an approved list, made up of banks, building societies and money market funds. Alternative investments are now also under consideration, as it will not be possible to improve on this performance using traditional bank and building society deposits.

Other options include investing in high quality bonds and project funding. The security of Council funds will remain the priority.

Harrow Council Portfolio Holder for Finance, Cllr Sachin Shah, said: “At a time when Government is cutting Harrow’s grant by 28%, the council must look at other ways it can raise money. By being creative, we are able to raise more money, which we can then use to pay for services such as Children’s centres and care for the elderly. We will continue to look at what gets our residents the best return for their money while making sure their money is in safe hands.”

Source: Harrow Council

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