Issue - meetings

As detailed in the recommendations.

Councillor Johnson introduced the report which provided an update on the Council’s Capital Strategy and sought Cabinet recommendation to Council.

            The report explained the need for the Strategy, its key aims, and the content of each of its sections.

            Under the Prudential Code for Capital Finance in Local Authorities (the Prudential Code), authorities were required to set a range of Prudential Indicators (PI’s).  The Capital Strategy included details of the Council’s Prudential Indicators for 2022/23 – 2024/25.

            The Corporate Finance Manager provided details of the tables in the appendix which related to Prudential Indicator: Estimates of Capital Expenditure in £ millions, Capital Financing in £ millions, Minimum Revenue Provision in £ millions, Prudential Indictor: Estimates of Capital Financing Requirement in £ millions, Prudential indicator: Gross Debt & the Capital Financing Requirement in £ millions, Prudential Indicators: Authorised Limit & Operational Boundary for External Debt, and Prudential Indicator: Proportion of Financing Costs to Net Revenue Stream. 

RESOLVED:

(a)       That the Capital Strategy be approved and recommended to County Council; and

(b)       That the following be approved and recommended to County Council:

·         The Prudential Indicators for 2022/23 – 2024/25 as detailed within Tables 1, and 4-7 for the Capital Strategy

·         Delegated authority for the Corporate Finance Manager to effect movements between the separately agreed limits within the authorised limit for external debt and the operational boundary for external debt (Table 6 of the Capital Strategy)