Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To receive an update on progress with delivering the capital and treasury strategy for 2022/23, as at the end of December 2022.

RESOLVED: That Cabinet:

(1)  Noted the forecast expenditure of £8.370M in 2022/23 on the capital programme, paragraph 8.3 refers.

(2)  Approved the adjustments to the capital programme for 2022/23 onwards, as a result of the revised timetable of schemes detailed in table 2 and 3, increasing the estimated spend in 2023/24 by £1.554M.

(3)  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)  Considered the position of Treasury Management activity as at the end of December 2022.

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 – 14 minutes 21 seconds

The Chair invited Councillor Ian Albert, Executive Member for Finance and IT, to present ‘Third Quarter Strategy (Capita and Treasury) Review 2022-2023’ and advised of the following:

·         The Executive Summary and Table 2 in the report provided updates on the timing and delivery of capital projects, including those that have been delayed to 2023-24.

·         The North Herts Museum Platform Lift project has been resolved and the previously allocated budget could be released.

·         Treasury management had benefited from the increase of interest rates, and changes to these were being monitored, but investments were still being made in line with strategies and prudential indicators.

Councillor Ian Albert proposed, and Councillor Keith Hoskins seconded, and following a vote, it was:

RESOLVED: That Cabinet:

(1)  Noted the forecast expenditure of £8.370M in 2022/23 on the capital programme, paragraph 8.3 refers.

(2)  Approved the adjustments to the capital programme for 2022/23 onwards, as a result of the revised timetable of schemes detailed in table 2 and 3, increasing the estimated spend in 2023/24 by £1.554M.

(3)  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)  Considered the position of Treasury Management activity as at the end of December 2022.

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.