Issue - meetings

The Leader’s Portfolio

To consider report FIN/467 of the Head of Corporate Finance, which was referred to the meeting of the Overview and Scrutiny Commission held on 4 February 2019.

The Leader of the Council presented report FIN/467 of the Head of Corporate Finance. The report was a new requirement and detailed how the Council would manage their investments and financing of capital resources to contribute towards achieving its key objectives and priorities.

Councillor Cheshire presented the Overview and Scrutiny Commission’s comments on the report to the Cabinet following consideration of the matter at its meeting on 4 February 2019.

Councillor Thomas also spoke as part of the discussion on the report.

RESOLVED

That Full Council be recommended to approve the Capital Strategy

Reasons for the Recommendations

The Council’s financial regulations, in accordance with the CIPFA Code of Practice for Treasury Management, requires a Capital Strategy to be approved for the forthcoming financial year. This report complies with these requirements.

To consider report FIN/467 of the Head of Corporate Finance.

The Commission considered report FIN/467 of the Head of Corporate Finance on the Capital Strategy for 2019/2020, which forms part of the Council's integrated revenue, capital and balance sheet planning.  In order to demonstrate that the Council takes capital expenditure and investment decisions in line with service objectives and properly takes account of stewardship, value for money, prudence, sustainability and affordability, the Council should have in place a capital strategy that sets out the long-term context in which capital expenditure and investment decisions are made and gives due consideration to both risk and reward and impact on the achievement of priority outcomes.

During the discussion with the Leader of the Council, Head of Corporate Finance and Chief Accountant, the following points were expressed:

·        CIPFA now requires all local authorities to prepare a new Capital Strategy which sets out how the council will manage the investment and financing of capital resources.

·        Support for the work undertaken to compile the Capital Strategy report. 

·        Commission Members commended officers from the Finance Team for their continued excellent work.

RESOLVED

That the Commission agreed to support the recommendations to the Cabinet.