Issue - meetings

To consider a request for authority to increase the Council's prudential borrowing limit and request a supplementary Capital Estimate in order to acquire a site in the Borough.

Reason for exemption

This report contains exempt information within the meaning of Part 1 of

Schedule 12A to the Local Government Act 1972, as amended by the

Local Government (Access to Information) Act 1985 and by the Local

Government (Access to information) (Variation) Order 2006 Paragraph 3

– Information relating to the financial or business affairs of any particular person (including the authority holding that information) and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because the bidding process is confidential and disclosure of the Council's interest, or the sums it is likely to bid, would distort fair competition for the site and prejudice the Council's ability to acquire the site in the public interest.

The Council had initial discussions about the report requesting authority to increase the Council’s borrowing limit and request a supplementary Capital estimate.

As the Council wished to discuss the exempt information contained within the confidential appendices to the report it was moved by Councillor I.T.E. Harvey and seconded by Councillor A.C. Harman, to move the exclusion of the Press and Public for this item in view of the likely disclosure of exempt information within the meaning of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006.

Resolved to move the exclusion of the Press and Public for this item in view of the likely disclosure of exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006, Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information) and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because disclosure to the public would prejudice the financial position of the authority in the bidding process for the site by allowing other bidders to know the position of the Council.  This in turn prejudices the community by (i) distorting the bids process and (ii) prejudicing the opportunity for the community to acquire a site through the Council for the social, environmental and economic benefit of the borough.

The Council then considered the information contained in the report’s appendices on investment acquisitions in the Borough.

Resolved that Council:

1. Approve an additional supplementary capital estimate for property acquisitions within the Borough of £400m for 2016/17 to support the economic development and well-being of the borough and investment purposes

2. Agree the revised set of prudential indicators which include increasing the operational boundary and authorised limit for external debt (Appendix 3)

3. Approve the Council’s Minimum Revenue Provision policy to ensure prudent provision is made to cover repayment of loans (Appendix 3)