Issue - meetings

Capital, Investment and Treasury Strategies 2020/21 to 2022/23

Meeting: 19/02/2020 - South Somerset District Council (Item 111)

111 Capital, Investment and Treasury Strategies 2020/21 to 2022/23 PDF 104 KB

Additional documents:

10 Capital Investment Treasury Strategies 2020-21 - Final, item 111 PDF 431 KB

Decision:

RESOLVED:	That Full Council agreed to:-
	a.	approve the Capital Strategy, Investment Strategy and the Treasury Management Strategy 2020/21 to 2022/23;
	b.	approve the proposed borrowing and investment limits included in the Capital Strategy;
	c.	approve the annual Minimum Revenue Provision statement for 2020/21.
Reason:	Full Council must approve the annual capital, investment and treasury strategies before the start of the financial year in line with the CIPFA Prudential Code.

(Voting: 42 in favour, 0 against, 2 abstentions)

Minutes:

The Portfolio Holder for Finance and Legal Services thanked the Finance Specialist for his work in combining what had previously been presented as 3 separate reports. He confirmed that the combined reports met the legal requirements in a more coherent layout and he invited questions from Members.

In response to questions from Members, the Portfolio Holder for Environment, the Lead Specialist for Finance and the Director for Commercial Services & Income Generation provided the following responses:-

· The Opium Power project had proven to be challenging but the grid connection had now taken place and it was hoped the cable eneregisation would take place on 29 February. This would be when Western Power Distribution took control of the site. A press release would announce when it was fully operational.

· The joint operations loans also included financing the Council’s landscaping and horticultural trading company, Elleston, and the figure in the report was the level of authorisation to spend and not the commitment..

· The SSDC loan to Opium Power was lent at 5% return.

· Although the Chief Executive was no longer a Director, an independent Director with industry expertise had recently been appointed to Opium Power and the Director for Commercial Services & Income Generation was the Chair of the Board.

At the conclusion of the debate, the majority of Members were content to confirm the recommendations of the report.

RESOLVED:	That Full Council agreed to:-
	a.	approve the Capital Strategy, Investment Strategy and the Treasury Management Strategy 2020/21 to 2022/23;
	b.	approve the proposed borrowing and investment limits included in the Capital Strategy;
	c.	approve the annual Minimum Revenue Provision statement for 2020/21.
Reason:	Full Council must approve the annual capital, investment and treasury strategies before the start of the financial year in line with the CIPFA Prudential Code.