Issue - meetings

Updated Capital & Investment, Minimum Revenue Provision and Treasury Management Strategies 2024 / 25

Meeting: 14/11/2024 - Council (Item 403)

Updated Capital & Investment, Minimum Revenue Provision and Treasury Management Strategies 2024 / 25

To consider the report of the Chief Finance Officer (copy enclosed).

Additional documents:

Minutes:

The Council considered the report of the Interim Chief Finance Officer seeking Members approval of the updated Capital & Investment, Minimum Revenue Provision (MRP) and Treasury Management Strategies attached as Appendices to the report.

 

The Chairperson drew Members’ attention to the revised version of the report and appendices which had been circulated prior to the meeting.

 

It was noted that the Council was required to regularly review the above Strategies to ensure they remained up to date and relevant. The Interim Chief Finance Officer presented the report, advising that updates to the Strategies required approval, in light of the investment required to support the award of the new Leisure Contract and other changes to the capital programme since the Strategies had been approved by the Council in February 2024. The report provided further detail of each update proposed.

 

The Chairperson moved the recommendations set out in the report and these were duly seconded.

 

In response to a question the Interim Chief Finance Officer provided Members with some background information regarding the long-term impact on the Council’s reserves.

 

The Chairperson then put the recommendations which were duly agreed by assent.

 

RESOLVED

 

(i)             That the Updated 2024 / 25 Capital and Investment Strategy (Appendix 1 to the report), which includes the revised 2024 / 25 Capital Programme, an increase to the Operational Boundary for Borrowing, a section outlining the Objectives of the Strategy, and improvements to the Risk Management section, be approved;

 

(ii)            That the Updated 2024 / 25 Minimum Revenue Provision (MRP) Policy Statement (Appendix 2), which includes new methodology for calculating MRP, be approved;

 

(iii)           That the Updated 2024 / 25 Treasury Management Strategy (Appendix 33), which includes updates to the Capital Financing Requirement and Liability Benchmark calculations, be approved.