Issue - meetings

To advise Members of the actual indicators for 2008/09 and to review the Prudential Indicators for the 2009/10 financial year.

(Report attached)

RESOLVED  that

the report be noted.

A report was received that set out the actual prudential indicators for 2008/09, within six months of the end of that financial year, as required.

The Prudential Code sought to ensure that the capital investment plans and treasury management decisions of the authority were prudent, affordable and sustainable.

It was noted that the financial climate over the previous year had been difficult with volatility in the rates of interest for borrowing and investing. However, it was confirmed that the Council’s investment strategy was still generally producing a positive margin.

A number of matters were highlighted by Members. The future of the Major Repairs Allowance beyond 2011/12 was queried and Officers stated that this matter was still out for consultation. The steep drop-off in recent years in capital receipts was remarked upon but Officers were very much of the opinion that the zero estimate going forward was a realistic projection. The similar zero projection for Section 106 was also commented upon. Again, Officers confirmed that it would not be prudent at this stage to estimate a greater sum.

Councillor Braley enquired as to the maximum and minimum borrowing rates that had existed over the past 25 years and also the magnitude of the interest rate in 1979.

RESOLVED  that

the report be noted.