Issue - meetings

FIRST QUARTER INVESTMENT STRATEGY (CAPITAL AND TREASURY) REVIEW 2020/21

Meeting: 15/09/2020 - Cabinet (Item 49)

49 FIRST QUARTER INVESTMENT STRATEGY (CAPITAL AND TREASURY) REVIEW 2020/21 pdf icon PDF 295 KB

REPORT OF THE SERVICE DIRECTOR – RESOURCES


To update the Committee on progress with delivering the Capital and Treasury Strategy as at the end of June 2020.

Additional documents:

Decision:

RESOLVED:

 

(1)       That the forecast expenditure of £10.519million in 2020/21 on the capital programme be noted, paragraph 8.3 of the report refers;

 

(2)       That the adjustments to the capital programme for 2020/21 onwards as a result of the revised timetable of schemes detailed in table 2 of the report, increasing the estimated spend in 2021/22 by £0.296million be approved;

 

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

 

(4)       That the position of Treasury Management activity as at the end of June 2020 be noted.

 

REASONS 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.

Minutes:

Audio recording – 28 minutes 2 seconds

 

The Executive Member for Finance and IT presented the report entitled First Quarter Investment Strategy (Capital and Treasury) Review 2020/21 together with the following appendices:

 

·                Appendix A - Capital Programme Detail including Funding 2020/21 onwards;

·                Appendix B - Treasury Management Update.

 

Councillor Kate Aspinwall, Chair of Finance, Audit and Risk Committee presented the referral from the meeting of that committee held on 7 September 2020 regarding First Quarter Investment Strategy (Capital and Treasury) Review 2020/21 the recommendations to Cabinet being;

 

(1)     That the forecast expenditure of £10.519million in 2020/21 on the capital programme, paragraph 8.3 refers, be noted;

(2)     That the adjustments to the capital programme for 2020/21 onwards as a result of the revised timetable of schemes detailed in table 2, increasing the estimated spend in 2021/22 by £0.296million, be approved;

(3)     That 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;

(4)     That the position of Treasury Management activity as at the end of June 2020, be noted.

 

Councillor Ian Albert proposed, Councillor Martin Stears-Handscomb seconded and it was:

 

RESOLVED:

 

(1)       That the forecast expenditure of £10.519million in 2020/21 on the capital programme be noted, paragraph 8.3 of the report refers;

 

(2)       That the adjustments to the capital programme for 2020/21 onwards as a result of the revised timetable of schemes detailed in table 2 of the report, increasing the estimated spend in 2021/22 by £0.296million be approved;

 

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

 

(4)       That the position of Treasury Management activity as at the end of June 2020 be noted.

 

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.