Issue - meetings

Cabinet

Recommended that Council

Consider the report and, if satisfied, 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.

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, which recommended that Council agree an updated Capital Strategy, which set the policy framework for the development, management and monitoring of capital investment. He highlighted amendments detailed in paragraphs 7.4 and 7.5 of the report, which were due to changes introduced by the Government.

Councillor Heather Williams welcomed the reduction in the capital programme in relation to the investment strategy, as detailed in page 121 of the report, but she still found the authorised limit unacceptable. She asked for assurance that the Council was not borrowing money for revenue expenditure and that short-term debts would be repaid and not refinanced. Councillor John Williams assured Council that funds were not being borrowed for revenue spending. He explained that whether the authority decided to pay off an outstanding debt from reserves or take out another loan would depend on the circumstances at the time, such as the current interest rate.

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

In favour (27):

Councillors Henry Batchelor, John Batchelor, Paul Bearpark, Anna Bradnam, Ariel Cahn, Dr Martin Cahn, Libby Earle, Peter Fane, Corinne Garvie, Jose Hales, Bill Handley, Sally Ann Hart, Sunita Hansraj, Geoff Harvey, Tumi Hawkins, Pippa Heylings, Helene Leeming, Peter McDonald, Brian Milnes, Annika Osborne, Dr Lisa Redrup, Judith Rippeth, Bridget Smith, Susan van de Ven, Dr Aidan Van de Weyer, Natalie Warren-Green and John Williams

Against (10):

Councillors Dr Shrobona Bhattacharya, Tom Bygott, Graham Cone, Sue Ellington, Mark Howell, Daniel Lentell, Lina Nieto, Bunty Waters, Dr Richard Williams and Heather Williams.

Abstain (0)

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 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 Resources, introduced the report, and the commented on the updates since the previous submission.

After no further comments, Cabinet:

Recommended to 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.