Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To update on progress with delivering the Capital and Treasury Strategy for 2019/20, as at the end of September 2019.

RECOMMENDED TO CABINET:

(1)   The forecast expenditure of £5.886million in 2019/20 on the capital programme be noted;

(2)   The adjustments to the capital programme for 2019/20 onwards as a result of the revised timetable of schemes detailed in table 2, increasing the estimated spend in 2020/21 and beyond by £1.369million, be approved;

(3)  The position of the availability of capital resources, as detailed in table 3 paragraph 8.6 and the requirement to keep the capital programme under review for affordability be noted by Cabinet; and

(4)     The position of Treasury Management activity as at the end of September 2019 be noted.

REASON FOR RECOMMENDATIONS:

(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 – 58 Seconds 30 Seconds

The Accountancy Manager presented the report entitled Investment Strategy (Capital And Treasury) Mid-Year Review 2019/20 and drew Members’ attention to the following:

·                The contents within Table 2 at  paragraph 8.4 on page 152 of the report;

·                Items within Table 3 at paragraph 8.6;

·                The Treasury Management 2019/20;

·                The Council generated £0.194 million of interest during the first six months of 2019/20 and;

·                It was forecasted that the Council would generate £0.373 million of interest over the whole of 2019/20.

And it was RESOLVED that:

RECOMMENDED TO CABINET:

(1)          The forecast expenditure of £5.886million in 2019/20 on the capital programme be noted;

(2)          The adjustments to the capital programme for 2019/20 onwards as a result of the revised timetable of schemes detailed in table 2, increasing the estimated spend in 2020/21 and beyond by £1.369million, be approved;

(3)          The position of the availability of capital resources, as detailed in table 3 paragraph 8.6 and the requirement to keep the capital programme under review for affordability be noted by Cabinet; and

(4)          The position of Treasury Management activity as at the end of September 2019 be noted.

REASON FOR RECOMMENDATIONS:

(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.