Issue - meetings

(CSP: MEC & MEC1)

Purpose:  In compliance with the Local Government Act 2003, this report summarises the Council's borrowing limits as set out by CIPFA's Prudential Code and recommends the Annual Investment and Borrowing Strategy for 2019/20.

Resolved to recommend that Council adopt the Investment and Borrowing Strategy for 2019/20.

This decision is not subject to call in as:

·      the item is due to be referred to Council for final approval.

therefore it will be implemented immediately.

Councillor Graham Jones explained that agenda items 6 to 9 would be briefly introduced by Councillor Anthony Chadley as Portfolio Holder for Finance. However, debate of the items was not planned for the Executive as they would be debated and determined at the Council meeting on 5 March 2019. Questions of clarity could however be asked.

The Executive considered a report (Agenda Item 6) concerning the Council’s borrowing limits as set out by CIPFA’s Prudential Code, and which also recommended the Annual Investment and Borrowing Strategy for 2019/20.

Councillor Chadley added that the report set out the framework within which the Treasury Management Team would conduct the Council’s investments and borrowing for the forthcoming financial year. It recommended prudential limits for investments in 2019/20 and borrowing limits for the next three years. It also provided a forecast of the Council’s long term borrowing requirements.

The Treasury Management Group provided an oversight of this activity and Councillor Chadley explained that both himself and Councillor Lee Dillon were Members of this Group.

RESOLVED that:

(1)  The Council’s borrowing limits as set out by CIPFA’s Prudential Code be noted.

(2)  The Annual Investment and Borrowing Strategy for 2019/20 be recommended to Council for approval.

Other options considered: Not applicable.