Issue - meetings

Cabinet

RECOMMENDED THAT COUNCIL

consider the report and, if satisfied, approve 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, including Prudential Indicators.

Council 

Agreed          to approve 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, including Prudential Indicators.

Councillor John Williams presented this report to establish and approve an updated Capital Strategy that complied with CIPFA’s guidance. He explained that the Strategy was reviewed annually and had been amended to reflect the changes to the Public Works Loan Board rules and the introduction of an Infrastructure Funding Statement which local authorities must now produce in respect of Section 106 and Community Infrastructure Levy contributions.

Councillor Heather Williams supported the changes made by the Public Works Loan Board as stricter controls on local council borrowing had been required. She declared that she could not support the recommendation in the report due to her concerns regarding the Council’s level of borrowing.

Councillor John Williams proposed and Councillor Bill Handley seconded the recommendation in the report. A vote was taken and were cast as follows:

In favour (19):

Councillors Henry Batchelor, John Batchelor, Paul Bearpark, Anna Bradnam, Dr Martin Cahn, Dr Claire Daunton, Corinne Garvie, Jose Hales, Bill Handley, Sally Ann Hart, Geoff Harvey, Dr Tumi Hawkins, Peter McDonald, Brian Milnes, Dawn Percival, Judith Rippeth, Bridget Smith, John Williams and Eileen Wilson.

Against (9):

Councillors Ruth Betson, Dr Shrobona Bhattacharya, Tom Bygott, Graham Cone, Sue Ellington, Mark Howell, Bunty Waters, Heather Williams and Dr Richard Williams.

Abstain (1):

Councillor Gavin Clayton.

Council 

Agreed          to approve 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, including Prudential Indicators.

Cabinet:

Recommended to Full Council 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, including Prudential Indicators.

This is a recommendation to Council, and not subject to call-in.

Cabinet received the Capital Strategy. Councillor John Williams, Lead Cabinet Member for Finance, introduced the report, and noted the continued plan for the Council’s strategy.

Councillor Bridget Smith, Leader of the Council, thanked Officers across the Finance team for their work on Council’s 2022/2023 budget, and Cabinet:

Recommended to Full Council 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, including Prudential Indicators.