Issue - meetings

RESOLVED:

(1) That Cabinet notes expenditure of £1.434million in 2021/22 on the capital programme, paragraph 8.3 refers;

(2) That Cabinet approves the adjustments to the capital programme for 2022/23 as a result of the revised timetable of schemes detailed in table 2, increasing the estimated spend in by £0.979million;

(3) That Cabinet notes the position of the availability of capital resources, as detailed in table 3 paragraph 8.7 and the requirement to keep the capital programme under review for affordability;

(4) That Cabinet approves the application of £1.225million of capital receipts/set aside towards the 2021/22 capital programme, paragraph 8.7 refers;

(5) Cabinet is asked to note the position of Treasury Management activity as at the end of March 2022.

RECOMMENDED TO COUNCIL:

(6) That Council approves the actual 2021/22 prudential and treasury indicators;

(7) That Council notes the annual Treasury Report for 2021/22

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 – 57:30

Councillor Ian Albert presented the report entitled Investment Strategy (Capital and Treasury) End of Year Review 2021/22 along with Appendix A – Capital Programme Detail including Funding 2021/22 onwards and Appendix B – Treasury Management Update and highlighted the following key points:

·         The majority of the movement in quarter 4 of the Capital Programme is spend that is being moved into 2022/23 due to various delays;

·         The overall reduction in the Capital Programme for 2021/22 has meant that the majority has been funded Capital Receipt Reserves;

·         The sale of surplus land has increased those reserves during the year and now stand at £7.7 million;

·         Paragraph 8.10 details the breach of the Treasury Strategy during the year;

·         The Council continues to manage its surplus cash by prioritising security and liquidity before considering yield; the yield on investments did increase but is running significantly behind the level of inflation;

·         Appendix B sets out more detail in relation to the Council’s Treasury position during the year.

Following a vote it was:

RESOLVED:

(1) That Cabinet notes expenditure of £1.434million in 2021/22 on the capital programme, paragraph 8.3 refers;

(2) That Cabinet approves the adjustments to the capital programme for 2022/23 as a result of the revised timetable of schemes detailed in table 2, increasing the estimated spend in by £0.979million;

(3) That Cabinet notes the position of the availability of capital resources, as detailed in table 3 paragraph 8.7 and the requirement to keep the capital programme under review for affordability;

(4) That Cabinet approves the application of £1.225million of capital receipts/set aside towards the 2021/22 capital programme, paragraph 8.7 refers;

(5) Cabinet is asked to note the position of Treasury Management activity as at the end of March 2022.

RECOMMENDED TO COUNCIL:

(6) That Council approves the actual 2021/22 prudential and treasury indicators;

(7) That Council notes the annual Treasury Report for 2021/22

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.