Issue - meetings

To consider and decide on the recommendations as set out in the attached report.

RESOLVED – That Full Council be recommended that the Capital Strategy 2021/22, as set out at Appendix A to the report be adopted.

REASON FOR DECISION:

To provide guidance on the Council’s capital programme and the use of its capital resources as required by the Chartered Institute for Public Finance and Accountancy and Prudential Code and Treasury Management Codes.

Lee Colyer, Director of Finance, Policy and Development presented the report that formed part of the Council’s policy and strategy documents that provided guidance on the Council’s Capital Programme and the use of its capital resources.

Discussion and responses to Members questions included the following:

-       The Capital Strategy had been updated to reflect the emerging Five-Year Plan, also the local Climate Emergency and the national emergency around Covid-19.

RESOLVED – That Full Council be recommended that the Capital Strategy 2021/22, as set out at Appendix A to the report be adopted.

REASON FOR DECISION:

To provide guidance on the Council’s capital programme and the use of its capital resources as required by the Chartered Institute for Public Finance and Accountancy and Prudential Code and Treasury Management Codes.

To consider and provide a recommendation to Cabinet on the proposals set out in the attached report.

Lee Colyer Director of Finance, Policy and Development presented the report that formed part of the Council’s policy and strategy documents that provided guidance on the Council’s capital programme and the use of its capital resources.

Discussion and responses to Members questions included the following:

-       The Capital Strategy had been updated to reflect the emerging Five-Year Plan, also the local Climate Emergency and the national emergency around Covid-19.

-       There was no intention included in the report to diminish the Council’s responsibility and commitment towards Climate Change.  The report sought to make clear the financial reality of the costs of undertaking projects at a time when Council reserves were much depleted.

-       When Government commenced cuts to Local Authorities in 2010 there was a move by some Councils to invest in commercial properties, and particularly investments outside their areas. Government had now excluded any loss of rental income from such commercial properties from the sales, fees and charges compensation scheme. 

-       Borrowing for investment purposes was no longer backed by the Government.  However, Local Authorities were still able to invest and to access borrowing from a wide variety of other sources.

-       The change in criteria to access the PWLB would have no impact  on TWBC’s plans.  The PWLB would still be available to the Council if it wanted to undertake any redevelopment, repurposing or to deliver economic development or wellbeing benefits for the Borough. 

RESOLVED – That the recommendations to Cabinet as set out in the report be supported.