Issue - meetings

Cabinet

RECOMMENDED THAT COUNCIL

approve (i) the updated Capital Strategy attached at Appendix A to the report which sets the policy framework for the development, management and monitoring of capital investment, and (ii) Prudential Indicators.

Council AGREED

To approve (i) the updated Capital Strategy attached at Appendix A to the report which sets the policy framework for the development, management and monitoring of capital investment, and (ii) Prudential Indicators.

Members considered the recommendation of Cabinet and report on the revised Capital Strategy.

Councillor John Williams, Lead Cabinet Member for Finance presented the report. He said the Capital Strategy was reviewed annually and for ease of reference the changes were shown in red. He highlighted the inclusion of references to climate emergency; a commitment to conducting asset condition assessments to inform the identification of capital replacements; to take account of the changes to the PWLB rules and to conform to the new leasing Accounting Standard. With these changes he proposed the recommendations.

Councillor Aidan van de Weyer seconded the proposal to approve the recommendations and reserved his right to speak.

Councillor Heather Williams referred to the estimates of capital financing requirement. She said this indicator set limits for the net external borrowing, and it was not “scaremongering” to ask whether the forecast capital requirement of £511 million in 2023/20242 would go up. The Council Tax base was £10 million. This figure was 51 times that base.

Councillor Aidan van de Weyer welcomed the updated Strategy. It was vital for the long-term health of the Council and for its ability to provide services in the long term to ensure a sound financial basis for capital strategy.

Councillor Heather Williams sought to speak on a point of order, which the Chair refused.

Councillor Aidan van de Weyer continued, saying it was the Council’s duty to raise funds in light of the government’s failure to do so, in order to provide services in as responsible way as it could.

Councillor Deborah Roberts said the money under discussion was not the Council’s money but that of the public, and the public would not run their own budgets in this way. It was an affront to blame the government.

Councillor John Williams said these were the borrowing limits and there was no intention to borrow that much. The limits were a matter for the Council to decide.

A vote was taken and votes were cast as follows:

In favour (24):

Councillors Henry Batchelor, John Batchelor, Anna Bradnam, Martin Cahn, Nigel Cathcart, Claire Daunton, Douglas de Lacey, Clare Delderfield, Peter Fane, Neil Gough, Bill Handley, Geoff Harvey, Tumi Hawkins, Pippa Heylings, Alex Malyon, Peter McDonald, Brian Milnes, Dawn Percival, Judith Rippeth, Bridget Smith, Hazel Smith, Aidan van de Weyer, John Williams, Eileen Wilson.

Against (12):

Councillors Ruth Betson, Shrobona Bhattacharya, Tom Bygott, Grenville Chamberlain, Graham Cone, Sue Ellington, Mark Howell, Deborah Roberts, Bunty Waters, Heather Williams, Richard Williams, Nick Wright.

Abstain (0)

Council RESOLVED:

To approve (i) the updated Capital Strategy attached at Appendix A to the report which sets the policy framework for the development, management and monitoring of capital investment, and (ii) Prudential Indicators.