Decision details

Further to Minute No. 68 of the Cabinet meeting held on 26 February 2015, the Council considered the report of the Head of Corporate Finance and ICT on proposals to establish the Prudential Indicators required under the Prudential Code for 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 for Capital Finance in Local Authorities.

It was moved by Councillor P. Dowd, seconded by Councillor Maher and

RESOLVED: That:

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

(2)       approval be given to the amendment of relevant Prudential Indicators in the event that any unsupported borrowing is approved, as part of the 2015/16 Revenue Budget;

(3)       it be noted that estimates of capital expenditure referred to in paragraph 2.2 of the report may change as grant allocations are received; and

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