Issue - meetings

Prudential Indicators 2021/22

 

 

Meeting: 04/03/2021 - Council (Item 65)

65 Prudential Indicators 2021/22 pdf icon PDF 125 KB

Report of the Executive Director Corporate Resources and Customer Services.

Minutes:

Further to Minute No. 99 of the meeting of the Cabinet held on 11 February 2021 the Council considered the report of the Executive Director of Corporate Resources and Customer Services advising that the CIPFA Prudential Code for Capital Finance in Local Authorities was introduced following the Local Government Act 2003; that it 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 indicated that the Council was required to approve Prudential Indicators for the following items:

 

(i)

Capital Expenditure (Section 2);

(ii)

Financing Costs/Net Revenue Stream (Section 3);

(iii)

Capital Financing Requirement (Section 4);

(iv)

External Debt (Section 5-7); and

(v)

Treasury Management Indicators (Section 8).

 

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

 

RESOLVED:     That:

 

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

 

(2)           it be noted 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)           it be noted that the estimates of capital expenditure may change as grant allocations are received; and

 

(4)           delegated authority be granted to the Executive Director for Corporate Resources and Customer Services in conjunction with the Cabinet Member for Regulatory, Compliance and Corporate Services to manage the Authorised Limit and Operational Boundary for external debt as detailed in Section 5 of the report.

 

 

 

 

 

Meeting: 11/02/2021 - Cabinet (Item 99)

99 Prudential Indicators 2021/22 pdf icon PDF 125 KB

Report of the Executive Director of Corporate Resources and Customer Services

Minutes:

The Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services advising that the CIPFA Prudential Code for Capital Finance in Local Authorities was introduced following the Local Government Act 2003; that it 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 indicated that the Council was required to approve Prudential Indicators for the following items:

 

(i)

Capital Expenditure (Section 2);

(ii)

Financing Costs/Net Revenue Stream (Section 3);

(iii)

Capital Financing Requirement (Section 4);

(iv)

External Debt (Section 5-7); and

(v)

Treasury Management Indicators (Section 8).

 

Decision Made:      That:

 

(1)

the Council be recommended to set the Prudential Indicators, as detailed in the report, as the basis for compliance with The Prudential Code for Capital Finance in Local Authorities;

 

(2)

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

 

(3)

It be noted that the estimates of capital expenditure may change as grant allocations are received; and

 

(4)

the Council be recommended to delegate authority to the Executive Director of 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 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. 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.