Agenda item

Report No: COU/FH/18/003

Referrals from Cabinet: 13 February 2018

1.   Treasury Management Report 2017/2018 and Investment Activity (April to December 2017)

Cabinet Member: Councillor Stephen Edwards

2.   Treasury Management Policy Statement and Investment Strategy 2018/2019 and Treasury Management Code of Practice

Cabinet Member: Councillor Stephen Edwards

3.   Budget and Council Tax Setting 2018/2019 and Medium Term Financial Strategy 2018 – 2022

Cabinet Member: Councillor Stephen Edwards

          (This item will be considered separately as part of Agenda Item 11.    below.)

4.   Overarching West Suffolk Growth Investment Strategy, Governance and Delegation

Cabinet Members: Councillors Lance Stanbury and Stephen Edwards

(For ease of reference the full Cabinet report (Report No: CAB/FH/18/014 and appendices) is attached to this referral as Appendix 1.)

The Council considered the referral report of recommendations from Cabinet as set out in Report No COU/FH/18/003:

1.   Treasury Management Report 2017-2018 and Investment Activity (April – December 2017)

(Cabinet: 13 February 2018)

Councillor Stephen Edwards, Cabinet Member for Resources and Performance, presented this referral item.

Councillor Peter Ridgwell raised a question with regard to the Barclays loan as identified in Paragraph 1.3 of the report.  The Cabinet Member explained that, as Councillor Ridgwell had been advised previously during meetings of the Performance and Audit Scrutiny Committee, the loan in question was inherited by the current administration and there was currently no way out of the agreement until 2078.

On the motion of the Cabinet Member, seconded by Councillor Andy Drummond, and with the vote being unanimous, it was

RESOLVED:

That the Treasury Management Report 2017-2018 for the period 1 April 2017 to 31 December 2017, attached at Appendix 1 to Report No PAS/FH/18/008, be approved.

2.   Treasury Management Policy Statement and Investment Strategy 2018-2019 and Treasury Management Code of Practice

(Cabinet: 13 February 2018)

Councillor Stephen Edwards, Cabinet Member for Resources and Performance, presented this referral item.

On the motion of the Cabinet Member, seconded by Councillor David Bowman, and with the vote being unanimous, it was

RESOLVED:

That:-

1.           The Updated (December 2017) Treasury Management in the Public Services Code of Practice and Cross-Sectional Guidance Notes, be adopted;

2.           The Treasury Management Policy Statement and Investment Strategy 2018-2019, as set out in Appendix 1 and 2 to Report No: PAS/FH/18/009, be approved; and

3.           The Treasury Management Code of Practice 2018-2019, as set out in Appendix 3 and 4 to Report No: PAS/FH/18/009, be approved.

3.   Budget and Council Tax Setting: 2018/2019 and Medium Term Financial Strategy 2018-2022

(Cabinet: 13 February 2018)

Members were asked to note the Cabinet recommendations in respect of this item as it was to be considered separately by Council under Item 11 of the agenda (Report No: COU/FH/18/006).

4.   Overarching West Suffolk Growth Investment Strategy, Governance and Delegation

(Cabinet: 13 February 2018)

In the absence of the Cabinet Member for Planning and Growth, the Leader presented this referral item.

The Service Manager (Democratic Services) explained that Officers were aware of some minor typographical errors within the Strategy and these would be addressed under the delegation afforded to the Monitoring Officer at recommendation 3.

On the motion of the Leader, seconded by Councillor Simon Cole, and with the vote being unanimous, it was

RESOLVED:

That:-

1.           The Overarching West Suffolk Growth Investment Strategy, as attached at Appendix A to Report No: CAB/FH/18/014, be approved;

2.           Subject to the safeguards set out within Report No: CAB/FH/18/014, as detailed in Table 1 at paragraph 6.4, decisions on expenditure  made from the previously approved capital and revenue Growth Investment Fund, be agreed as follows:

(a)     in accordance with Section 1.3 (b) of the Cabinet Procedure Rules contained within Part 4 of the Constitution which allows the Leader to amend the delegations to individual Cabinet Members, the relevant Portfolio Holder and Leader, in consultation with the statutory officers, be authorised to make decisions of up to £0.5m expenditure.

(b)     Cabinet be authorised to make decisions of up to £2m expenditure; and

(c)     Council shall make decisions where the expenditure is anticipated to exceed £2m;

3.           The Monitoring Officer shall make the necessary amendments to the Cabinet’s scheme of delegation in accordance with her existing delegation, and be authorised to make other amendments to the Constitution as a consequence of 2. above.