Agenda item

INVESTMENT STRATEGY (INTEGRATED CAPITAL AND TREASURY) THIRD QUARTER REVIEW

REPORT OF THE SERVICE DIRECTOR – RESOURCES

 

To update Cabinet on progress with delivering the capital and treasury strategy for 2019/20 as at the end of December 2019.

Decision:

RECORD OF DECISION MADE UNDER DELEGATED AUTHORITY

(as a result of the Cabinet meeting on 24 March 2020 being cancelled

due to Covid-19 situation)

 

 

*PART 1 – PUBLIC DOCUMENT

 

 

Any interest to declare/ or conflict and any dispensation granted [if applicable]

 

SERVICE DIRECTORATE: Resources

 

 

1.         DECISION TAKEN

 

In respect of the Cabinet Agenda – 24 March 2020 – Items 19 and 6g – Investment Strategy (Integrated Capital and Treasury) Third Quarter Review

 

(1)       That the forecast expenditure of £1.804million in 2019/20 on the capital programme, paragraph 8.2 of the report refers, be noted.

 

(2)       That the adjustments to the capital programme for 2019/20 onwards as a result of the revised timetable of schemes detailed in table 2 of the report, increasing the estimated spend in 2020/21 and beyond by £3.831million 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 December 2019 be noted.

 

2.       DECISION TAKER

 

The Chief Executive in consultation with the Leader of the Council

 

3.       DATE DECISION TAKEN:

 

3 April 2020

 

 

4.       REASON FOR DECISION

 

The Cabinet meeting on 24 March 2020 was cancelled due to the Covid-19 situation.

 

Cabinet is required to approve adjustments to the capital programme and ensure the capital programme is fully funded.

 

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.

 

5.       CONSULTATION WITH COMMITTEE MEMBERS

 

Consultation including the effect on stakeholders, partners and the public is contained within the report published with the Cabinet agenda for the meeting on 24 March 2020.

 

Given the current Covid-19 situation and government advice regarding gatherings, the meeting of the Cabinet was not possible. Therefore, the Cabinet Members were requested to provide an indication as to how they would have voted and any comments as to guide the decision maker.

 

By the prescribed deadline 8 votes were cast in favour of the recommendation.

 

The following Members of Cabinet voted:

 

·                Councillor Ian Albert

·                Councillor Judi Billing

·                Councillor Paul Clark

·                Councillor Elizabeth Dennis-Harburg

·                Councillor Gary Grindal

·                Councillor Keith Hoskins

·                Councillor Steve Jarvis

·                Councillor Martin Stears-Handscomb

 

There were no comments made my Members.

 

6.       SUPPORTING REPORT

 

Other information relevant to the decision, such as legal, financial, risk, social value and equality implications, is contained within the report published as Items 19 and 6g within the Cabinet agenda for the meeting on 24 March 2020 via link below:

 

https://democracy.north-herts.gov.uk/ieListDocuments.aspx?CId=133&MId=2200&Ver=4

 

NOTIFICATION DATE

 

3 April 2020

 

Signature of Decision Taker

 

Call-in does not apply to NON-EXECUTIVE DECISIONS

 

In respect of Executive Decisions, as per section 6.3.11(b) of the Constitution ‘Call-In and Urgency’, the call-in procedure does not apply when the decision being taken is urgent. For the purposes of the current Coronavirus pandemic, this decision is considered to be urgent (as normal meetings and the decision-making process has been suspended). The Chair of Council has been informed and agrees that the decision is a reasonable one in the circumstances and is to be treated as a matter of urgency.

Supporting documents: