The City of London Corporation's Corporate Treasurer, Kate Limna, has retired after 35 years of dedicated service.

Ms. Limna's long and distinguished career was marked by her unwavering commitment to excellence, sound judgment, and a fierce sense of responsibility, according to Councillor Timothy Richard Butcher, Chair of the Investment Committee. She was celebrated for her role as a passionate guardian of the corporation's assets and her dedication to professionalism and excellence.

During her tenure, Ms. Limna oversaw significant treasury management updates and outturns. The treasury management investment portfolio stood at £1,000.4 million as of May 31, 2026, an increase of £79.8 million from the previous reporting period. This increase was attributed to income from business rates, totalling £372.0 million, and £11.7 million from property sales. These gains were offset by payments to central government and expenditure on major projects, including CHAPS payments of £48.1m related to these projects.

Asset allocation comparison for the City of London Corporation's treasury management portfolio as of March 2026 and May 2026.
Asset allocation comparison

The Investment Committee also reviewed the Treasury Management Outturn for the 2025/26 financial year, noting that treasury balances stood at £920.6 million as of March 31, 2026. This represented a decrease of £36.0 million over the year, primarily due to expenditure on major projects, offset by property sales and financial investment drawdowns. Investment returns on short-term money market instruments remained robust, with an average portfolio rate of return of 4.44% as of May 31, 2026. The portfolio's asset allocation included fixed-term deposits (42%), liquidity funds (21%), ultra-short dated bond funds (16%), and short dated bond funds (16%). Specific examples of investments include NatWest with an average return of 5.13% on fixed-term deposits, L&G with 5.14% and Royal London with 5.88% on short dated bond funds, and Aberdeen SLI Liquidity Fund with 3.84% on liquidity funds.

Bar chart showing the average return for different asset types at 31/03/2026 and 31/05/2026, with corresponding average rates of return.
Average return for asset type

Despite a decrease in interest rates throughout the year, driven by the Bank of England cutting the base rate from 4.50% to 3.75% between May 2025 and March 2026, investment activities conformed to the approved strategy. There were no liquidity difficulties or breaches of the creditworthiness policy. The reduced interest rates led to lower future returns from short-term money market instruments, as noted in the Treasury Management Update as at 31 May 2026 .

Line graph illustrating the Treasury Portfolio's Weighted Average Rate of Return (WARoR) compared to various benchmarks from May 2024 to May 2026.
Treasury Portfolio Weighted Average Rate of Return

Ms. Limna also played a role in the City Surveyor's Business Plan progress reports. The department reported an underspend of £825,000 on its City Fund and City's Estate services against a budget of £32 million for the 2025/26 financial year. This underspend was mainly attributed to lower professional fees, savings from deferred or cancelled repair projects, and income at Smithfield Market.

Ms. Limna expressed her gratitude to the committee members and officers for their support over the years and introduced her successor, James Graham, who will be taking over as Director of Investments and Treasury in September.

Councillor Butcher highlighted Ms. Limna's legacy of stewardship, professionalism, and excellence, stating that it will endure long after your retirement.