Issue - meetings

The Council considered the recommendation from Cabinet at its meeting held on 18 July 2018 on approval of a supplementary capital estimate for property acquisitions within the borough. 

Resolved to:

1.    approve the supplementary capital estimate for property acquisitions within the Borough of £594.859m for 2018/19 to facilitate generating sufficient income to enable the Council to progress its housing and regeneration projects across the Borough;

2.    agree the revised set of prudential indicators which include increasing the operational boundary by £588m and authorised limit for external debt by £586m (Appendix 1) to £1,500m for Operational Boundary and £1,520m for Authorised Limit for 2018/19;

3.    agree the interim policy on Borrowing in Advance of Need described in paragraphs 4.7 to 4.12 of this report for all investments undertaken from 19 July 2018 until Council agrees its new Investment Strategy; and

4.    reconfirm the Council’s Minimum Revenue Provision policy to ensure prudent provision is made to cover repayment of loans.

Councillor Williams

To consider a proposal to increase the Capital Programme provision for asset acquisitions and housing delivery projects and make a recommendation to Council.

Cabinet considered a report requesting approval of a supplementary capital estimate for property acquisitions within the Borough to facilitate sufficient income to enable the Council to deliver its housing and regeneration programme.

There were no alternative options considered by Cabinet.

Resolved to recommend to Council:

1.    To approve supplementary capital estimate for property acquisitions within the Borough of £594.859m for 2018/19 to facilitate generating sufficient income to enable the Council to progress its housing and regeneration projects across the Borough;

2.    To agree the revised set of prudential indicators which include increasing the operational boundary to £1,500m and £1,520m for Authorised Limit for 2018/19;

3.    To agree the interim policy on Borrowing in Advance of Need until Council agrees its new Investment Strategy; and

4.    To reconfirm the Council’s Minimum Revenue Provision policy to ensure prudent provision is made to cover repayment of loans

Reason for recommendation:

The Council needs to be able to continue to generate additional ongoing income to deliver its ambitious housing and regeneration programme across the Borough and to help meet the needs of its residents identified in the Corporate Plan.