Issue - meetings

REPORT OF THE DIRECTOR – RESOURCES

As at the end of financial year 2024/25, there is a reduction in Capital spend compared to quarter 3 of £5.467million. The majority of this change is due to revisions to the profile of planned project spend, with £5.240million that will now instead be incurred in 2025/26.

RESOLVED: That Council:

(1)   Approved the actual 2024/25 prudential and treasury indicators as detailed in Appendix B.

(2)   Noted the annual Treasury Management Review for 2024/25 (Appendix B).

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 25 minutes 48 seconds

N.B. Councillor Paul Ward declared an interest due to his employment and left the Chamber and did not take place in the debate or vote.

Councillor Ian Albert, Executive Member for Resources presented the report and referral 6D from Cabinet on the ‘Investment Strategy (Capital and Treasury) End of Year Review 2024/25’ and advised that:

·       The overall picture was that spend for the year had been lower than expected.

·       The Council had been able to fund all capital expenditure from grants and capial receipts.

·       Details of some of the capital schemes that had been completed this year were set out in paragraph 8.6 of the report.

·       The rates of return on investments had remained high and generated nearly £3 million of income over the year.

·       Most of investments made had been with other local authorities.

·       The main report detailed the position of the capital projects.

·       There had been one minor breach of investment limits for one day due to staff absence, as set out in paragraph 8.10 of the report. 

Councillor Ian Albert proposed and Councillor Daniel Allen seconded and, following a vote, it was:

RESOLVED: That Council:

(1)   Approved the actual 2024/25 prudential and treasury indicators as detailed in Appendix B.

(2)   Noted the annual Treasury Management Review for 2024/25 (Appendix B).

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.

N.B. Councillor Paul Ward returned to the Chamber at 22.11.