Issue - meetings

Report of the Head of Corporate Resources

The Committee considered the report of the Head of Corporate Resources that advised that the CIPFA Prudential Code for Capital Finance in Local Authorities was introduced following the Local Government Act 2003; that the Code detailed a number of 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.

The report also advised that the Council was required to approve Prudential Indicators for the following items:

These indicators were detailed in the report and summarised at Annex A to the report.

The report concluded that having established the Prudential Indicators, the Head of Corporate Resources would monitor them during the year and report on actual performance to the Audit and Governance Committee; and that an outturn report of performance against the Prudential Indicators would be presented to both Cabinet and Council following the financial year end.

This report would also be considered by Cabinet and Council at their meetings to be held on 14 and 28 February 2019 respectively.

A Member of the Committee commented on the operational boundary and the £10m borrowing reduction in 2020/21 and 2021/22 and the authorised limit as set out in paragraphs 5.2 and 5.3 of the report respectively.

RESOLVED: That