Issue - items at meetings - Recommendations from the Executive Cabinet

Issue - meetings

Recommendations from the Executive Cabinet

 

 

Meeting: 21/06/2017 - Council (Item 19)

19 Recommendations from the Cabinet pdf icon PDF 130 KB

To consider the recommendations from the meeting of the Cabinet held on 14th June 2017

 

·         Revised Treasury Management Strategy Statement and Investment Strategy 2017/18 to 2019/20

 

·         Facility Management and Cleaning Service Review Business Case (the background papers to this item are confidential)

 

·         Parks and Open Spaces Review Business Case (the background papers to this item are confidential)

 

·         Legal, Equalities and Democratic Services Review Business Case (the background papers to this item are confidential)

 

(The background papers to the recommendations are contained at the back of the Council Agenda book)

Minutes:

Revised Treasury Management Strategy Statement and Investment Strategy 2017/18 to 2019/20

 

The recommendation from Cabinet in respect of the Revised Treasury Management Strategy Statement and Investment Strategy 2017/18 to 2019/20 was proposed by Councillor G. N. Denaro and seconded by Councillor K. J. May.

 

In proposing the recommendation Councillor Denaro confirmed that Cabinet had considered a report on the proposed revision of the Treasury Management Strategy Statement and Investment Strategy to increase the Council’s authorised and operational borrowing limit by £6m.  It was further highlighted that the Council had entered into an agreement to pay Worcestershire Pension Fund pension payments for the next three years in advance, which after allowing for any temporary borrowing costs would result in a saving of £137k per annum for three years.

 

During the following debate a number of Members expressed difficulty in understanding the figures within the report and whether there had been a decrease in the interest rate, clarity was also sought as to whether the increase in borrowing was to cover the Pension Fund payments or as a result of these.  The level of borrowing currently needed was also of concern and how this had increased significantly in recent years.

 

It was confirmed that the Pension Fund payment had been made and had been included within the Medium Term Financial Plan and how the savings would be received over the three year period.  Officers offered to provide a detailed schedule outside of the meeting to enable Members to better understand the reasoning behind the request and the savings.

 

Councillor L. C. R. Mallett questioned the legality of making a decision on this item without the supporting evidence and detail.  The Executive Director, Finance and Resources explained that an authorised limit was needed for additional borrowings over the next three months to ensure the Council met its legal requirement.

 

The Chairman agreed to an adjournment to enable a way forward to be discussed.

 

Following the adjournment it was

 

RESOLVED that the item be deferred until the next meeting of Council with delegated authority in the interim to the Leaders or Deputy Leaders of each Group in respect of any necessary increase to the Council’s borrowing level.

 

Facility Management and Cleaning Service Review Business Case

Parks and Open Spaces Review Business Case

Legal, Equalities and Democratic Services Review Business Case

 

As it was likely that discussions on these items would involve the exclusion of the public from the meeting the Chairman deferred them to the end of the agenda.