Issue - meetings

(a)          That Members approve for the Council Fund:

·         Option 1 (Regulatory Method) be used for the calculation of the MRP for all capital expenditure funded from supported borrowing; this represents a continuation of the approved and adopted policy for 2015/16

·         Option 3 (Asset Life Method) be used for the calculation of the MRP in 2016/17 for all capital expenditure funded from unsupported (prudential) borrowing or credit arrangements; this represents a continuation of the approved and adopted policy for 2015/216

(b)             That Members approve for the Housing Revenue Account (HRA):-

·         Option 2 (Capital Financing Requirement Method) be used for the calculation of the HRA’s MRP in 2016/17 for all capital expenditure funded by debt; this represents a continuation of the approved and adopted policy for 2015/16.

The Corporate Finance Manager introduced a report to seek Council approval in setting the annual policy for prudent Minimum Revenue Provision for the repayment of debt, which Local Authorities were required to do each year.

            Councillor Bernie Attridge proposed the acceptance of the recommendations as outlined within the report.  This was duly seconded by Councillor Kevin Jones.

On being put to the vote, Members voted unanimously in favour of the recommendations. 

            RESOLVED:

(a)          That Members approve for the Council Fund:

·         Option 1 (Regulatory Method) be used for the calculation of the MRP for all capital expenditure funded from supported borrowing; this represents a continuation of the approved and adopted policy for 2015/16

·         Option 3 (Asset Life Method) be used for the calculation of the MRP in 2016/17 for all capital expenditure funded from unsupported (prudential) borrowing or credit arrangements; this represents a continuation of the approved and adopted policy for 2015/216

(b)             That Members approve for the Housing Revenue Account (HRA):-

·         Option 2 (Capital Financing Requirement Method) be used for the calculation of the HRA’s MRP in 2016/17 for all capital expenditure funded by debt; this represents a continuation of the approved and adopted policy for 2015/16.