Issue - meetings

The Council had thus far operated within all of the borrowing and investment limits set by our strategy for this year. The report demonstrated that the capital spending was approximately £5m at the mid-year point. This was within the revised capital budget of £31m, but was well below the expectations of where the council would expect it to be at this point in the year.

The revised capital budget for the year had increased by about £9m compared to the original, but the majority of this additional spending would be funded from grants with only a modest increase in borrowing. The council currently had approximately £20m of external borrowing. No new external borrowing was undertaken during the first half of this financial year, but £4m of maturing debt had been repaid using the investment balances. Borrowing may be undertaken during the second half of this financial year and options would be reviewed in line with market conditions.

Councillor David Saunders proposed, Councillor Kup seconded and Cabinet agreed to:

1.  Note and make comments on as appropriate, this report and annexes;

2.  Recommend this report and annexes, including the prudential and treasury indicators that are shown and the proposed changes to the 2021-22 Treasury Management Strategy Statement, to council for approval.