Decision details

Prudential Indicators 2023/24

Decision Maker: Cabinet, Council

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

This reports sets the prudential indicators for the forthcoming and following years to enable the Council to effectively manage its Capital Financing activities and comply with the CIPFA Prudential Code for Capital Finance in Local Authorities.

Decisions:

Further to Minute No. 40 of the meeting of the Overview and Scrutiny Committee – Regulatory, Compliance and Corporate Services held on 7 February 2023, the Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services which explained that the CIPFA Prudential Code for Capital Finance in Local Authorities was introduced following the Local Government Act 2003; and detailed measures / limits / parameters (Prudential Indicators) that were required to be set each financial year; and that the approval of these limits would provide a benchmark to measure actual performance against, to help ensure that the Council complied with relevant legislation, was acting prudently and that its capital expenditure proposals were affordable. 

 

Decision Made:     

 

That Council be recommended to:

 

(1)

approve that the Prudential Indicators, as detailed in the report, are set as the basis for compliance with The Prudential Code for Capital Finance in Local Authorities;

 

(2)

note that the relevant Prudential Indicators will be revised as required and that any changes will be brought to Cabinet and then to Council for approval;

 

(3)

note that the estimates of capital expenditure may change as grant allocations are received; and

 

(4)

approve that authority is delegated to the Executive Director for Corporate Resources and Customer Services in conjunction with the Cabinet Member – Regulatory, Compliance and Corporate Services to manage the Authorised Limit and Operational Boundary for external debt as detailed in Section 5 of the report.

 

Reasons for the Decisions:

 

To enable the Council to effectively manage its Capital Financing activities and comply with the CIPFA Prudential Code for Capital Finance in Local Authorities. The prudential indicators for the forthcoming and following years must be set before the beginning of the forthcoming year.

 

Alternative Options Considered and Rejected:

 

None.

Report author: Graham Hussey

Publication date: 15/02/2023

Date of decision: 09/02/2023

Decided at meeting: 09/02/2023 - Cabinet

Accompanying Documents: