Decision details

The Cabinet considered the report of the Head of Corporate Finance and ICT on proposals to establish the Prudential Indicators required under the Prudential Code of Capital Finance in Local Authorities.  This would enable the Council to effectively manage its Capital Finance Activities and comply with the Chartered Institute of Public Finance and Accountancy Prudential Code of Capital Finance in Local Authorities.

Decision Made:

That the Council be recommended to:

(1)       approve the Prudential Indicators as detailed in the report, and summarised in Annex A, as the basis for compliance with The Prudential Code for Capital Finance in Local Authorities;

(2)       approve the amendment of relevant Prudential Indicators in the event that any unsupported borrowing is approved as part of the 2013/14 Revenue Budget;

 (3)      note that estimates of capital expenditure referred to in Paragraph 2.2 of the report  may change as grant allocations are received; and

(4)       grant delegated authority to the Head of Corporate Finance & ICT to manage the authorised Limit and Operational Boundary for external debt as detailed in Section 5 of the report.

Reasons for Decision:

To enable the Council to effectively manage its Capital Financing activities, and comply with the CIPFA Prudential Code for Capital Finance in Local Authorities.

Alternative Options Considered and Rejected:

None