Issue - meetings

The Director of Finance and Business Improvement introduced his report, making specific reference to the Council’s purchase of Lockmeadow and the allocation of £1 million to Biodiversity and Climate Change funding.

In response to questions from Members, the Director of Finance and Business Improvement answered as follows:

·  The Council will look for the best value option when borrowing funds;

·  The figures presented within the report may change, however the Committee will be expected to approve any changes should this happen; and

·  Updates on the five-year programme would be provided to each individual Service Committee.

In response to a question from a Member regarding the planned development to Granada House, the Officers clarified that the results of the pre-construction services agreement are yet to be published. The Committee had previously granted delegated authority to the Director of Finance and Business Improvement to enter into this and Stage 2 (construction phase) agreements, if the scheme was viable.

It was noted that the programme proposed involves prudently borrowing money as and when it will be needed. This involved paying attention to the current markets which the Council officers were doing.

RESOLVED: That

1.  The Capital strategy principles as set out in paragraph 2.6 be agreed;

2.  The Capital funding projection set out in appendix B to this report be agreed;

3.  The Capital programme 2020/21 onwards as set out in Appendix C to this report be agreed; and

4.  It was noted that in agreeing recommendations 2 and 3 above a prudential borrowing limit of £81.418 million is set over the period of the programme which will be recommended to Council as part of the Treasury Management Strategy 2020/21.