This code has been developed to meet the needs of local authorities (including PCCs and fire authorities), registered social landlords, further and higher education institutions, and NHS trusts, in order to provide a clear definition of treasury management activities.
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The TM Code provides a framework for effective treasury management in public sector organisations. The TM Code defines treasury management as follows:
The management of the organisation’s investments and cash flows, its banking, money market and capital market transactions; the effective control of the risks associated with those activities; and the pursuit of optimum performance consistent with those risks.
While the TM Code covers all public services, it is primarily designed for the use of local authorities (including police and crime commissioners and fire authorities), providers of social housing, higher and further education institutions, and the NHS. Local authorities in England, Scotland and Wales are required to ‘have regard’ to the TM Code.
Since the last edition of the TM Code was published in 2011, the landscape for public service delivery has changed significantly following the sustained period of reduced public spending and the developing localism agenda.
There are significant treasury management portfolios within the public services, for example, as at 31 March 2016, UK local authorities had outstanding borrowing of £88bn and investments of £32bn.
Planned updates, subject to consultation, reflect changes in the regulatory environment, the increasing use of a wider range of investment opportunities, and include streamlined reporting requirements to promote engagement.
The Code is available in hard copy and online.
The digital, online version is available as both searchable HTML and a bookmarked downloadable PDF of the publication that can be shared throughout your organisation.
Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA’s Publications Department.
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