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Agenda item
Reports of Committees
a) To resolve that the public be excluded from the meeting during the discussion of any items considered while the public were excluded by the relevant committee because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in the respective paragraphs of Schedule 12A to the Local Government Act 1972 referred to in the minutes of the relevant committee.
b) To receive and consider the recommendations and any decisions of the following committees.
Subject
Cabinet Member / Chair
CABINET – 3 JANUARY 2023
493.
National Portfolio Organisation Funding 2023-26
Batsford
494. (C)
Treasury Management Mid-Year Report 2022-23
Willis
495. (C)
Housing Acquisition Proposal (Part 1)
Evans
497. (C)(E)
Housing Acquisition Proposal (Part 2)
Evans
CABINET – 30 JANUARY 2023
501. (C)
Minimum Revenue Provision method change 2022-23
Willis
502. (C)
Draft Treasury Management, Annual Investment Strategy and Capital Strategy 2023/24
Willis
503. (C)
Pay Policy Statement 2023/24
Willis
504.
To appoint a member to the Working Arrangements Group
Barnett
C= Council decision
E= Exempt from publication
Notes:1. The Mayor will call over the minutes and members will rise and indicate those items which they wish to have discussed.
2. No discussion shall take place at this stage upon part II minutes covered by the resolution 8a) above. Any such discussion shall be deferred to item 9 on the agenda.
Minutes:
The Mayor adjourned the meeting at 7.35pm and the meeting reconvened at 7.49pm.
The Mayor having called over the minutes set out in the agenda, the following minutes were reserved for discussion.
RESOLVED that under rule 13.3 the reports and minutes of committees set out in the agenda, including those items on which a council decision was required, be received, and agreed.
Only those items which were reserved were discussed as follows:Meeting
Minute
Councillor
Cabinet, 3rd January 2023
493 – Portfolio Organisation Funding 2023-26
Bishop
Cabinet, 3rd January 2023
495 – Housing Acquisition Proposal (Part 1)
Hilton
Cabinet, 30th January 2023
Draft Annual Treasury Management, Annual Investment Strategy and Capital Strategy 2023/24
Hilton
Minute 495, Housing Acquisition Proposal (Part 1), was a matter requiring Full Council approval. Under rule 16.7 of the Council’s rules of procedure Councillor Evans proposed an alteration to the recommendations as follows:
Recommendation 2 is altered to reduce the capital budget from £11,865,400 to £11,800,000 and now reads:
‘that a capital budget for £11,800,000 is established to meet the cost of the acquisitions with revenue costs met by the Temporary Accommodation budget’A 4th recommendation is added, to read:
‘that a cross-party Housing Acquisition Review Group is established to monitor the programme outcomes.’Reason 3 is altered to reflect a 50-year loan period instead of 40 years and now reads:
’In addition to the revenue cost savings to be achieved, the Council will be obtaining capital housing assets with no outstanding debt on the properties at the end of a 50-year loan period.’The Council accepted the alterations. Councillor Evans proposed the recommendations, seconded by Councillor Batsford.
RESOLVED (unanimously):
The Full Council approves:
1. An acquisition programme to acquire up to 50 homes for temporary accommodation use;
2. that a capital budget for £11,800,000 is established to meet the cost of the acquisitions with revenue costs met by the Temporary Accommodation budget; and
3. that delegated authority be given to the Assistant Director, Housing & Built Environment, and the Chief Finance Officer, to complete the acquisitions, including any associated procurement;
4. that a cross-party Housing Acquisition Review Group is established to monitor the programme outcomes.Reasons:
1. The Council urgently needs to find more suitable placements for many of the homeless households who the council are required to accommodate whilst arranging access to longer term and more settled accommodation.
2. A programme of acquiring up to 50 homes will provide a better solution for those owed such a duty by the council and will also have a significant positive impact upon the council’s temporary accommodation costs.
3. In addition to the revenue cost savings to be achieved, the Council will be obtaining capital housing assets with no outstanding debt on the properties at the end of a 50-year loan period.Minute 502 of Cabinet on 30th January 2023, Draft Annual Treasury Management, Annual Investment Strategy and Capital Strategy 2023/24, was a matter requiring Full Council approval. Councillor Batsford proposed approval of the recommendations, seconded by Councillor Barnett.
Councillor Hilton proposed an amendment, seconded by Councillor Collins, to amend paragraph 97 of the Capital Strategy to read:
This Capital Strategy and the Treasury Management Strategy will be reviewed and updated when we review the Asset Management Strategy to ensure we understand the value of our capital assets and the potential for funding our capital projects from assets sales, not more borrowing.Councillor Batsford accepted the amendment.
RESOLVED (by 15 for, to 13 against):
Subject to the agreed amendment:
1. The Council approve the Treasury Management Strategy, Minimum Revenue Provision (MRP) Policy, Annual investment Strategy and the Capital Strategy.
2. The strategies listed are updated as necessary during 2023/24 in the light of changing and emerging risks and the Council’s evolving future expenditure plans.Reasons:
1. The Council seeks to minimise the costs of borrowing and maximise investment income whilst ensuring the security of its investments. The Council continues to make substantial investments in property, housing and energy generation initiatives, and this will continue to involve the Council in taking on additional borrowing.
2. The sums involved are significant and the assumptions made play an important part in determining the annual budget. The CIPFA Treasury Management Code of Practice, previously adopted by the Council, has been revised to take account of the more commercialised approach being adopted by councils and the enhanced levels of transparency required. The Code has represented best practice and helps ensure compliance with statutory requirements.
3. The Council has the ability to diversify its investments and must consider carefully the level of risk against reward against a background of historically very low interest rates. Investments can help to close the gap in the budget in the years ahead and thus help to preserve services, assist in the regeneration of the town, provide additional housing and enhance the long-term sustainability of the town. However, over reliance on such income streams would involve taking unnecessary risks with the future of the Council and its ability to deliver statutory services.
Councillors debated minute 493, Portfolio Organisation Funding 2023-26. This item did not require Council approval.(The Mayor declared the meeting closed at 8.35pm)
Supporting documents:
- Housing Acquisition Proposal - Full Council Briefing Note - 08.02.23, item 301. PDF 88 KB
- Housing Acquisition Proposal - Full Council - 08.02.23 - Part 1, item 301. PDF 213 KB
- Restricted enclosure View the reasons why document 301./3 is restricted
- Restricted enclosure View the reasons why document 301./4 is restricted
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