Issue - meetings

(a)       That the Committee recommends the Capital Strategy to Cabinet; and

(b)       That the Committee recommends to Cabinet:-

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

·         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).

The Corporate Finance Manager presented the updated Capital Strategy prior to submission to Cabinet.  The Strategy was an overarching document which brought together various strategies and policies, split into a number of sections incorporating details of the Council’s Prudential Indicators for 2022/23 - 2024/25.

There were no significant changes to the Strategy since the previous year.  A summary of the key Prudential Indicators included estimated planned capital expenditure, capital financing and the impact on Minimum Revenue Provision (MRP).  The expected minor increase in the proportion of financing costs to net revenue stream would continue to be monitored.

Councillor Richard Jones was informed that the projected increase in MRP was mainly due to policy changes and new borrowing in the future Capital Programme.  On long-term debt, the Treasury Management report submitted to the Governance & Audit Committee would be made available to all Members.

On commercial activities, the Chief Executive explained the approach to managing down the Council’s agricultural portfolio and work to review industrial units to meet demand and legislative changes.

Councillor Paul Johnson reflected on some of the changes during the year and thanked officers for the report.

The recommendations were moved and seconded by Councillors Geoff Collett and Mared Eastwood.

RESOLVED:

(a)       That the Committee recommends the Capital Strategy to Cabinet; and

(b)       That the Committee recommends to Cabinet:-

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

·         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).