Issue - meetings

As detailed in the recommendation.

The Head of Finance introduced the report which outlined proposals for the setting of a prudent minimum revenue provision for the repayment of debt in 2013/14, as required under the Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2008 (‘the 2008 Regulations’).  This was an annual requirement for all Councils to set aside an amount of revenue reserves as provision for the repayment of debt in respect of capital expenditure financed from borrowing or credit arrangements.

RESOLVED:

That Cabinet approve and recommend to County Council on 1 March 2013:-

·                     Option 1 (Regulatory Method) be used for the calculation of the minimum revenue provision in 2013/14 for all supported borrowing; this represents a continuation of the approved and adopted policy for 2012/13.

·                     Option 3 (Asset Life Method) be used for the calculation of the minimum revenue provision in 2013/14 for all unsupported (prudential) borrowing; this represents a continuation of the approved and adopted policy for 2012/13.