Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To update Council on progress with delivering the capital and treasury strategy for 2023/24, as at the end of September 2023.

RESOLVED:

(1)   That Council noted the position of Treasury Management activity as at the end of September 2023 including the new Capital items.

(2)   That Council confirmed the addition of the Local Authority Housing Fund Phase 2 to the capital programme for 2023/24 and approved the reprofiling of Bancroft & Priory Splash Pads from 2024/25 into 2023/24. Both as detailed in table 3.

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 – 3 hours 19 minutes 58 seconds

The Leader of the Council, Councillor Elizabeth Dennis, presented the Cabinet referral entitled ‘Q2 Investment Strategy (Integrated Capital and Treasury) Monitoring’ and highlighted that Cabinet considered and agreed with the comments from the Finance Audit and Risk Committee.

Councillor Ian Albert, Executive Member for Finance and IT, presented the report entitled ‘Q2 Investment Strategy (Integrated Capital and Treasury) Monitoring’ and highlighted that:

·       The Council generated £1.3 million of interest during the first 6 months of 2023-24 as shown at 8.10 of the report. The expectation for the full year was over £3 million.

·       Investments were compliant with the treasury and prudential indicators set out in the Integrated Capital and Treasury Management Strategy and complied with the Treasury Management practices of the Council. The current split of investments was detailed in the report.

·       The full capital programme was highlighted in Appendix A, with the estimated capital expenditure for 2023-24 being £8.2 million a decrease of £2.4 million from the original forecast.

·       The decrease in spend largely related to the reprofiling of projects into future years.

·       Table 1 highlighted the detailed changes whilst items in Table 2 highlighted the projects that would start or continue into future years.

·       Changes to the capital schemes were highlighted on page 64.

·       The Local Authority Housing Fund scheme had been fully funded by a grant but was included within the report due to the value size. The majority of this risk sat with settle.

·       Approval was sought for the Splash Pad refurbishment to be reprofiled so work could be completed this year 2023-24.

Councillor Ian Albert proposed, Councillor Elizabeth Dennis seconded and there being no debate, following a vote, it was:

RESOLVED:

(1)   That Council noted the position of Treasury Management activity as at the end of September 2023 including the new Capital items.

(2)   That Council confirmed the addition of the Local Authority Housing Fund Phase 2 to the capital programme for 2023/24 and approved the reprofiling of Bancroft & Priory Splash Pads from 2024/25 into 2023/24. Both as detailed in table 3.

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.