Issue - meetings

The Executive Member for Financial Sustainability presented the report and said the capital strategy showed the financial position of the council and the costs of servicing existing debts. He said the position of the council meant that it could not afford any new major projects and the Old River Lane project would be paused until the costs of borrowing had been reduced.

The Executive Member for Financial Sustainability said that capital assets were being reviewed to see if any could be sold to reduce debt and a cross party group had been set up to discuss the options. The group had agreed that assets would only be sold where interests of the community were protected and if there was a clear financial advantage to the council of doing so.

Councillor Brittain proposed that the recommendations in the report be supported. Councillor Glover-Ward seconded the proposal.

Councillor Estop referred to paragraph 2.4 about the pausing of the arts centre at Old River Lane. She asked the Executive to consider keeping their options open and talk about the site as development land instead of specifically an arts centre.

The motion to support the recommendation having been proposed and seconded was put to the meeting and upon a vote being taken, was declared CARRIED.

RESOLVED – To recommend to Council the approval of the Capital Strategy, Minimum Revenue Provision Policy and the Treasury Management Strategy 2024/25 including the Prudential Indicators contained within the reports.