Issue - meetings

RESOLVED: That Cabinet:

(1)   Noted the forecast expenditure of £6.521M in 2023/24 on the capital programme, paragraph 8.3 refers.

(2)   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 estimated spend in 2024/25 by £0.960M.

(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)   Noted the position of Treasury Management activity as at the end of December 2023.

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 – 1 hour 5 minutes 47 seconds

In the absence of the Chair and Vice Chair of Finance, Audit and Risk Committee, Councillor Ian Albert, Executive Member for Finance and IT, presented the referral and the report entitled ‘Third Quarter Investment Strategy (Capital and Treasury) Review 2023/24’ and advised that:

·       Items that had slipped into 2024/25 were highlighted in Table 2.

·       The change to the Howard Park Kiosk scheme was approved at Council on 29 February 2024 and was outlined in Table 3.

·       Funding for the capital programme was set out in Table 4.

·       The split of investments was highlighted in paragraph 8.1.1 of the report with the list of individual investments set out in 8.1.2 of the report. These were all low risk.

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

RESOLVED: That Cabinet:

(1)   Noted the forecast expenditure of £6.521M in 2023/24 on the capital programme, paragraph 8.3 refers.

(2)   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 estimated spend in 2024/25 by £0.960M.

(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)   Noted the position of Treasury Management activity as at the end of December 2023.

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.