Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To receive an update on progress with delivering the capital and treasury strategy for 2021/22, as at the end of December 2021.

RESOLVED:

(1)  That Cabinet noted the forecast expenditure of £2.424M in 2021/22 on the capital programme, paragraph 8.3 refers.

(2)  That Cabinet approved the adjustments to the capital programme for 2021/22 onwards, as a result of the revised timetable of schemes detailed in table 2 and 3, increasing the estimated spend in 2022/23 by £0.821M.

(3)  That Cabinet noted 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)  That Cabinet noted the position of Treasury Management activity as at the end of December 2021.

REASONS FOR DECISIONS:

(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 – 18 minutes 12 seconds

Councillor Ian Albert presented the report entitled ‘Third Quarter Investment Strategy’ and updated Members including the following:

·         Some capital projects would not be delivered by the 31 March 2022 and the requests to move some budget into 2022/23 were detailed in the report.

·         There had been a breach of the investment strategy during the quarter, which was caused by an IT issue and was resolved quickly, but details of this are in the report.

·         Treasury returns remain low.

·         Starting to see some increases in interest payments on money held, but this is still less than inflation rates.

Councillor Ian Albert proposed and Councillor Judi Billing seconded and, following a vote, it was:

RESOLVED:

(1)  That Cabinet noted the forecast expenditure of £2.424M in 2021/22 on the capital programme, paragraph 8.3 refers.

(2)  That Cabinet approved the adjustments to the capital programme for 2021/22 onwards, as a result of the revised timetable of schemes detailed in table 2 and 3, increasing the estimated spend in 2022/23 by £0.821M.

(3)  That Cabinet noted 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)  That Cabinet noted the position of Treasury Management activity as at the end of December 2021.

REASONS FOR DECISIONS:

(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.