Agenda and minutes

Cabinet - Friday, 5 February 2016 10.00 am

Venue: Meeting Room 1, 135 Eastern Avenue, Milton Park, Milton, OX14 4SB

Contact: Steve Culliford, Democratic Services Officer. Tel. (01235) 540306 Email: steve.culliford@southandvale.gov.uk

Items
No.	Item
38.	Apologies for absence To receive apologies for absence. Minutes: Councillor Mohinder Kainth had sent his apologies for absence.
39.	Minutes To adopt and sign as a correct record the minutes of the Cabinet meeting held on 18 January 2016 (previously published). Minutes: RESOLVED: to approve the minutes of the Cabinet meeting held on 18 January 2016 as a correct record and agree that the Chairman signs them as such.
40.	Declarations of interest To receive any declarations of disclosable pecuniary interests in respect of items on the agenda for this meeting. Minutes: None
41.	Urgent business and chairman's announcements To receive notification of any matters which the chairman determines should be considered as urgent business and the special circumstances which have made the matters urgent, and to receive any announcements from the chairman. Minutes: None
42.	Statements, petitions, and questions relating to matters affecting the Cabinet Any statements, petitions, and questions from the public under standing order 32 will be made or presented at the meeting. Minutes: None
43.	Treasury management mid-year monitoring report 2015/16 PDF 200 KB View item 43. as HTML 106 KB View the background to item 43. View the decision for item 43. To consider the head of finance’s report. Minutes: Cabinet considered the head of finance’s mid-year monitoring report on the council’s treasury management function. This covered the first six months of 2015/16 financial year (up to 30 September 2015) and, looking forward, updated on the current economic conditions. The Joint Audit and Governance Committee had considered the report at its meeting on 25 January 2016 and had not recommended any adjustments to the strategy as a result of the first six months’ activities. Likewise, Cabinet concluded that the treasury management activities had operated within the agreed parameters set out in the approved treasury management strategy. RECOMMENDED to Council to approve the treasury management mid-year monitoring report 2015/16.
44.	Treasury management and investment strategy 2016/17 PDF 308 KB View item 44. as HTML 157 KB View the background to item 44. View the decision for item 44. To consider the head of finance’s report. Minutes: Cabinet considered the head of finance’s report on the council’s treasury management and investment strategy for the period 2016/17 to 2018/19. The strategy set out how the council’s treasury management operated, how the treasury service would support capital investment decisions, set limits on treasury management activity governed by the prudential indicators, within which the treasury function must operate, and set a minimum revenue provision policy for 2016/17. It was a requirement of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Treasury Management Code 2011 that this report was approved by the Council annually. Cabinet noted that the Joint Audit and Governance Committee had recommended the adoption of the strategy. Cabinet concurred. RECOMMEND to Council to: (a) approve the treasury management strategy 2016/17 set out in appendix A to the head of finance’s report to Cabinet on 5 February 2016; (b) approve the prudential indicators and limits for 2016/17 to 2018/19 as set out in table 2 of appendix A to the head of finance’s report; and (c) approve the annual investment strategy 2016/17 set out in appendix A (paragraphs 25 to 60) and the lending criteria detailed in table 5 to the head of finance’s report.
45.	Revenue budget 2016/17 and capital programme to 2020/21 PDF 186 KB View item 45. as HTML 109 KB View the background to item 45. View the decision for item 45. To consider the head of finance’s report. Additional documents: Appendix A.1 , item 45. PDF 50 KB View as HTML (45./2) 20 KB Appendix A.2 , item 45. PDF 73 KB View as HTML (45./3) 30 KB Appendix A.3 , item 45. PDF 39 KB View as HTML (45./4) 28 KB Appendix A.4 , item 45. PDF 76 KB View as HTML (45./5) 23 KB Appendix A.5 , item 45. PDF 47 KB View as HTML (45./6) 19 KB There are a further 8 documents.View the full list of documents for item 45. Minutes: Cabinet considered the head of finance’s report on the revenue budget 2016/17 and the capital programme to 2020/21. The report brought together the relevant information for Cabinet to recommend a budget and capital programme to Council on 17 February 2016. Tabled at the meeting was appendix E setting out the prudential indicators for recommendation to Council. A budget briefing had taken place earlier in the week, to which all councillors had been invited. The leader recommended Cabinet to forward the budget on to the Council for approval. Cabinet agreed, and thanked the officers for their work in preparing the draft budget. RESOLVED: to agree that the leader of the council may make minor adjustments to the budget report and the prudential indicators, in conjunction with the head of finance, should they prove necessary following the publication of the final Local Government settlement and prior to the budget’s submission to Council on 17 February 2016. RECOMMENDED to Council to: (a) set the revenue budget for 2016/17 as set out in appendix A.1 to the head of finance’s report to Cabinet on 5 February 2016; (b) approve the capital programme for 2016/17 to 2020/21 as set out in appendix D.1, together with the capital growth bids set out in appendix D.2 of the head of finance’s report; (c) set the council’s prudential limits as listed in appendix E to the head of finance’s report; (d) approve the medium term financial plan to 2020/21 as set out in appendix F.1 to the head of finance’s report; (e) authorise the head of finance, in consultation with the leader of the council, to issue an efficiency statement to government in order to secure a four year settlement, if this is considered to be beneficial to the council.