Issue - meetings

Report of the Director of Finance and Support

1.      Cabinet is to recommend to Council that they approve the prudential indicators required under the CIPFA Prudential Code for Capital Finance in Local Authorities (Fully revised second edition 2009) as set out at paragraph 3.2.3 of the Cabinet report.

2.      Cabinet is to recommend to Council that they approve the delegation of authority to the Section 151 Officer to make adjustments between the “borrowing” and “other long term liabilities” categories within the overall total of the indicators for the operational boundary and the authorised limit for external debt set out at paragraphs 3.2.3 (g) and (h) in the Cabinet report.

Councillor Clarke addressed Cabinet. He referred to Annex B of the report and the risk of debt financing costs.  He asked for an operational view as to when money would or would not be spent.  He hoped that any delegated authority would be in line with the relevant Portfolio Holder in relation to the capital programme.

Councillor Mildren declined to address Cabinet on this item.

Councillor Perkins presented the report to Cabinet and stressed the importance of addressing risk and to be in line with what an excellent council should do.  Authority needed to be delegated to the Section 151 Officer in order that immediate responses could be made to any future changes in circumstances.  There were 13 prudential indicators that were monitored throughout the year.

Councillor B Hoare expressed confidence in the officers and team and was satisfied that appropriate and sensible boundaries had been set.

RESOLVED

1.      That Cabinet recommend to Council that they approve the prudential indicators required under the CIPFA Prudential Code for Capital Finance in Local Authorities (Fully revised second edition 2009) as set out at paragraph 3.2.3 of the Cabinet report.

2.      That Cabinet recommend to Council that they approve the delegation of authority to the Section 151 Officer to make adjustments between the “borrowing” and “other long term liabilities” categories within the overall total of the indicators for the operational boundary and the authorised limit for external debt set out at paragraphs 3.2.3 (g) and (h) in the Cabinet report.