Issue - meetings

RESOLVED:

(1)   That Cabinet noted the forecast expenditure of £10.438M in 2023/24 on the capital programme, paragraph 8.3 refers.

(2)   That Cabinet approved the adjustments to the capital programme for 2023/24 onwards, as a result of the revised timetable of schemes detailed in table 2 and 3, increasing the overall estimated spend in 2024/25 and beyond by £1.271M.

(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)   Cabinet noted the position of Treasury Management activity as at the end of June 2023.

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 – 1:09:16

The Chair invited Councillor Sean Nolan, as Chair of the Finance, Audit and Risk Committee, to present the referral on this item. Councillor Nolan advised that a point had been raised regarding potential spend on access to grants, to ensure the Council was not spending money to chase money. The Service Director – Resources had confirmed that minor amounts were being spent for large potential gain.

Councillor Ian Albert, as Executive Member for Finance and IT, presented the report entitled ‘First Quarter Investment Strategy (Capital and Treasury) Review 2023/24’ and advised that:

·       Capital schemes were detailed in tables 2 and 3 of the report.

·       The £385k Section 106 funding for social housing detailed in table 3 of the report had been allocated to the Foundation House site in Letchworth.

·       Funding for the Leisure Centres solar/PV scheme had been held for now to act as match funding for government grant bids for decarbonisation scheme. This would go further than original proposals.

·       The report confirmed that the Investment Strategy had been complied with.

·       There had been an increase in investment income due to the general rise in interest rates, but this meant less money was available in the revenue areas of the Council.

Councillor Ian Albert proposed and Councillor Alistair Willoughby seconded and, following a vote, it was:

RESOLVED:

(1)   That Cabinet noted the forecast expenditure of £10.438M in 2023/24 on the capital programme, paragraph 8.3 refers.

(2)   That Cabinet approved the adjustments to the capital programme for 2023/24 onwards, as a result of the revised timetable of schemes detailed in table 2 and 3, increasing the overall estimated spend in 2024/25 and beyond by £1.271M.

(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)   Cabinet noted the position of Treasury Management activity as at the end of June 2023.

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.