Issue - meetings

RESOLVED:

(1)       That Cabinet notes the forecast expenditure of £16.169million in 2021/22 on the capital programme, paragraph 8.3 refers. This includes approval of the additional spend for laptop purchases and drainage at Coombes Community Centre.

(2)       That Cabinet approves the adjustments to the capital programme for 2021/22 onwards as a result of the revised timetable of schemes detailed in table 2, increasing the estimated spend in 2022/23 by £0.312million.

(3)       That Cabinet notes the position of the availability of capital resources, as detailed in table 4 paragraph 8.6 and the requirement to keep the capital programme under review for affordability.

(4)       Cabinet is asked to note the position of Treasury Management activity as at the end of June 2021.

REASONS FOR DECISION:

(1)       Cabinet is required to approve adjustments to the capital programme and ensure the capital programme is fully funded.

(2)       To ensure the Council’s continued compliance with CIPFA’s code of practice on Treasury Management and the Local Government Act 2003 and that the Council manages its exposure to interest and capital risk.

Audio Recording – 41 minutes.

The Executive Member for Finance and IT presented the report entitled First Quarter Investment Strategy (Capital and Treasury) Review 2021/22 along with referral 6b from Finance, Audit and Risk Committee along with the following Appendices:

·                Appendix A - Capital Programme Detail including Funding 2021/22 onwards

·                Appendix B - Treasury Management Update

In his presentation the Executive Member for Finance and IT drew attention to points including:

·                The Executive Summary in the report set out the key points

·                Table 4 showed that borrowing would be necessary if capital reserves were fully spent but the majority of spending related to property acquisition and development and borrowing was not anticipated;

·                Cabinet was recommended to approve the changes to the 2021/22 General Fund budget, as identified in table 3 and paragraph 8.2, a £560k increase in net expenditure;

·                Additional expenditure was forecast relating to the laptop rollout project for staff.

RESOLVED:

(1)       That Cabinet notes the forecast expenditure of £16.169million in 2021/22 on the capital programme, paragraph 8.3 refers. This includes approval of the additional spend for laptop purchases and drainage at Coombes Community Centre.

(2)       That Cabinet approves the adjustments to the capital programme for 2021/22 onwards as a result of the revised timetable of schemes detailed in table 2, increasing the estimated spend in 2022/23 by £0.312million.

(3)       That Cabinet notes the position of the availability of capital resources, as detailed in table 4 paragraph 8.6 and the requirement to keep the capital programme under review for affordability.

(4)       Cabinet is asked to note the position of Treasury Management activity as at the end of June 2021.

REASONS FOR DECISION:

(1)       Cabinet is required to approve adjustments to the capital programme and ensure the capital programme is fully funded.

(2)       To ensure the Council’s continued compliance with CIPFA’s code of practice on Treasury Management and the Local Government Act 2003 and that the Council manages its exposure to interest and capital risk.