Issue - meetings

Report of the Head of Corporate Resources

Further to Minute No. 86 of the Cabinet Meeting held on 16 February 2017, the Council considered the report of the Head of Corporate Resources 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.

It was moved by Councillor Maher, seconded by Councillor Fairclough and

RESOLVED: That

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

(2)       approval be given to the relevant Prudential Indicators being amended, should any changes to unsupported borrowing be approved as part of the 2017/18 Revenue Budget;

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

(4)       the Head of Corporate Resources be granted delegated authority 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.

Report of the Head of Corporate Resources

The Cabinet considered the report of the Head of Corporate Resources 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 of the report, as the basis for compliance with The Prudential Code for Capital Finance in Local Authorities;

(2)       give approval to the relevant Prudential Indicators being amended, should any changes to unsupported borrowing be approved as part of the 2017/18 Revenue Budget;

(3)       note that estimates of capital expenditure may change as grant allocations are received, as indicated in paragraph 2.2 of the report; and

(4)       grant delegated authority to the Head of Corporate Resources 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 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.