Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To consider the Investment Strategy and recommend to Council the adoption of the Investment Strategy

RESOLVED: That the capital allocation for the North Herts Leisure Centre: Sauna Steam Refurbishment be reduced to £150k and brought forward to 2022/23 in the draft budget report to Council in February.

RECOMMENDED TO COUNCIL:

(1)  That Council adopt the Investment Strategy (as attached at Appendix), including the capital programme and prudential indicators.

(2)  That Council adopt of four clauses in relation to the Code of Practice on Treasury Management (as details in paragraphs 8.12 to 8.17).

(3)  That Council approve bringing forward the £150k capital allocation for North Herts Leisure Centre: Sauna Steam Refurbishment forward in to 2021/22.

REASONS FOR RECOMMENDATIONS:

(1)  To ensure that the capital programme meets the Council’s objective and officers can plan the implementation of the approved schemes.

(2)  To ensure the Council’s compliance with CIPFA’s code of practice on Treasury Management, the Local Government Act 2003, statutory guidance from the Department of Levelling Up, Housing and Communities (DLUHC) and the CIPFA Prudential Code. As well as determining and managing the Councils risk appetite in respect of investments.

Audio recording – 8 minutes 05 seconds

Councillor Ian Albert, the Executive Member for Finance and IT, presented the report entitled Investment Strategy (Integrated Capital and Treasury) and highlighted:

·         There had been a question at Finance, Audit and Risk regarding capitalisation of bin purchases and advised this was being looked into but that it was best to be cautious over the uncertainty of ownership of assets.

·         Since the budget meeting in December the Council had become aware that the sauna facility at North Herts Leisure Centre had been closed due to Health and Safety concerns.

·         The replacement of this facility was currently in the capital programme for 2023/24 at £250k.

·         Following discussions with Stevenage Leisure Limited, work was carried out to look at reducing the size of the sauna, which would free up space for other activities. This would reduce the capital bid to £150k.

·         Recommended to reduce the amount budgeted for these works and also bring it forward to the 2022/23 capital programme so work can be progressed as soon as possible.

·         The proposals meant that the Council would require to borrow from 2025/26 and the report details a Borrowing and Minimum Revenue Provision policy.

Councillor Steve Jarvis agreed with the processes and steps outlined by the Executive Member. He noted that attendance figures from leisure facilities had been positive up to December 2021 and that getting this work carried out as soon as possible would ensure users did not go elsewhere.

Councillor Ian Albert proposed and Councillor Ruth Brown seconded and, following a vote, it was:

RESOLVED: That the capital allocation for the North Herts Leisure Centre: Sauna Steam Refurbishment be reduced to £150k and brought forward to 2022/23 in the draft budget report to Council in February.

RECOMMENDED TO COUNCIL:

(1)  That Council adopt the Investment Strategy (as attached at Appendix), including the capital programme and prudential indicators.

(2)  That Council adopt of four clauses in relation to the Code of Practice on Treasury Management (as details in paragraphs 8.12 to 8.17).

(3)  That Council approve bringing forward the £150k capital allocation for North Herts Leisure Centre: Sauna Steam Refurbishment forward in to 2021/22.

REASONS FOR RECOMMENDATIONS:

(1)  To ensure that the capital programme meets the Council’s objective and officers can plan the implementation of the approved schemes.

(2)  To ensure the Council’s compliance with CIPFA’s code of practice on Treasury Management, the Local Government Act 2003, statutory guidance from the Department of Levelling Up, Housing and Communities (DLUHC) and the CIPFA Prudential Code. As well as determining and managing the Councils risk appetite in respect of investments.