Issue - meetings

RECOMMENDED:

1.            THE CAPITAL PROGRAMME AND CAPITAL PROGRAMME FINANCING (APPENDICES A AND B TO THE REPORT) BE APPROVED.

2.            THE MINIMUM REVENUE PROVISION (MRP) POLICY STATEMENT (APPENDIX E) BE APPROVED.

3.            THE PRUDENTIAL INDICATORS DETAILED IN THE REPORT AND ITS APPENDICES BE APPROVED.

4.            THAT THE COUNCIL MAY NEED TO INCREASE ITS EXTERNAL BORROWING IN 2020/21 SUBJECT TO DELIVERY OF THE PROPOSED CAPITAL PROGRAMME.

(CAB3209)

Councillor Cutler (Deputy Leader and Cabinet Member for Finance and Risk), moved that the recommended minute be approved and adopted (seconded by Councillor Learney, Cabinet Member for Asset Management and Housing).

Council proceeded to ask questions and debate the matters in the report and recommended minute.

RESOLVED:

That the recommended minute of Cabinet  held 12 February 2020 (as follows) be approved and adopted:

1.            The Capital Programme and Capital Programme Financing (Appendices A and B to the Report) be approved.

2.            The Minimum Revenue Provision (MRP) Policy Statement (Appendix E) be approved.

3.            The Prudential Indicators Detailed in the Report and its Appendices be approved.

4.            That the Council may need to increase its external borrowing in 2020/21 subject to delivery of the proposed Capital Programme.

That Cabinet recommends to Council:

1.            The Capital Programme and Capital Programme Financing (Appendices A and B to report CAB3209) be approved.

2.            The Minimum Revenue Provision (MRP) Policy Statement (Appendix E of report CAB3209) be approved.

3.            The Prudential indicators detailed in the report CAB3209 and its appendices be approved.

4.            To note that the Council may need to increase its external borrowing in 2020/21 subject to delivery of the proposed capital programme.

That Cabinet

5.            Approves IMT equipment and software expenditure (£125,000 in 2020/21) under Financial Procedure Rule 7.4 as detailed in paragraph 11.8.6 of report CAB3209.

6.            Notes the requirement to ensure Members have the right knowledge and skills to undertake their governance role.

Councillor Cutler introduced the report which set out the Council’s capital spending programme and highlighted that the principles which underpin this to deliver the Council Strategy were shown at paragraph 11.1.2.  The proposals had been considered by The Scrutiny Committee on 5 February who had no comments for Cabinet.

At the invitation of the Leader, Councillor Horrill addressed the meeting as summarised briefly below.

Believed that the Strategy lacked inspiration and aspiration and did not provide for economic growth.  Supported proposed investments in the sports pavilions but disappointed regarding lack of provision of additional sports courts in the southern parishes.

Councillor Cutler responded to comments made emphasising that items would not be included in the programme before a proper financial appraisal had been undertaken.

Cabinet agreed to the following recommendations to Council and resolutions for the reasons set out above and outlined in the report.

RESOLVED:

5.         That IMT equipment and software expenditure (£125,000 in 2020/21) be approved under Financial Procedure Rule 7.4 as detailed in paragraph 11.8.6 of the report.

6.         That the requirement to ensure Members have the right knowledge and skills to undertake their governance role be noted.

(Audio Recording and Report ref: SC017 & CAB3209)

Councillor Cutler, the Strategic Director: Services (Interim) and the Finance Manager (Capital & Treasury) set out the key proposals within the report. Councillor Cutler updated the committee regarding the linkage to the new council plan, the current position regarding council borrowing and the increase in borrowing costs.

The committee asked questions and raised comments which were responded to by officers and Councillor Cutler accordingly. At the conclusion of questions and debate, the Committee agreed that there were no particular matters that it wished to raise for Cabinet to further consider.

RESOLVED:

That the Capital Investment Strategy 2020-2030 report be noted.