Decision details

Decision:

1.     Approved the removal of the following schemes from the capital programme:

·        Albury closed burial grounds £57,000 in 2022/23

·        Mill Lane Flood Protection works - £16,000 2022/23 and £200,000 2023/24

·        Merrow & Burpham surface water study - £15,000 in 2022/23

2.     Recommended to Council at the meeting to be held on 6 December 2022,

·        That the capital and investment outturn report be noted.

·       That the actual prudential indicators reported for 2021/22, as detailed in Appendix 1 to the committee report, be approved.

Reason(s):

1.     To comply with the Council’s treasury management policy statement, the Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice on treasury management and the CIPFA Prudential Code for Capital Finance in Local Authorities.

2.      As per the treasury management code although the scrutiny of treasury management (and indeed all finance) has been delegated to CGSC ultimate responsibility remains with full Council this report therefore fulfils that need.

Other options considered and rejected by the Executive:

1.     To have invested in lower credit quality investments, but this would have increased the Council’s risk exposure.

2.     To have borrowed longer-term for the Council’s capital programme but would have suffered a cost of carry due to the slippage in the programme.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.