Agenda item

To receive, consider and debate, if chosen, the following reports which contain a recommendation to the Council for decision:

 

Cabinet/Cabinet Member/                              Date of Meeting

Committees                                                   or Decision

 

Reports of the Cabinet Meeting                     15 October 2018

 

(Paragraph 1 – 2019-2020 Budget Proposals – Appendix 1)

 

https://committees.westminster.gov.uk/documents/s29419/Revenue%20Budget%20Proposals%20Report.pdf

 

(Paragraph 2 – Capital Strategy Report 2019-2020 to 2023 – 2024, Forecast

Position for 2018-2019 and Future Years Forecasts Summarised up to 2022-2033 Appendix 2)

 

https://committees.westminster.gov.uk/documents/s29423/Capital%20Strategy%20Report.pdf

 

https://committees.westminster.gov.uk/documents/s29424/2%20-%20Appendix%20A%20i%20ELT.pdf

 

https://committees.westminster.gov.uk/documents/s29425/2%20-%20Appendix%20A%20ii%20Cabinet.pdf

 

(Paragraph 3 – Housing Investment Strategy and Housing Revenue Account Business Plan 2019-2020 – Appendix 3)

 

https://committees.westminster.gov.uk/documents/s29426/Housing%20Investment%20Strategy%20and%20HRA%20Business%20Plan%202019-20%20FINAL.pdf

 

(Paragraph 4 – Treasury Management Strategy Statement for 2019-2020 – Appendix 4)

 

https://committees.westminster.gov.uk/documents/s29427/TMSS%202019-20%20to%202023-24.pdf

 

(Paragraph 5 – Integrated Investment Framework – Appendix 5)

 

https://committees.westminster.gov.uk/documents/s29436/Integrated%20Investment%20Framework%20Report.pdf

 

General Purposes Urgency Sub-Committee  23 October 2018

Appointment of Independent Person

 

https://committees.westminster.gov.uk/ieListDocuments.aspx?CId=172&MId=4796&Ver=4

 

 

Cabinet Member for Public Protection and Licensing:

 

Gambling Policy Review (to follow) (Appendix 7)

 

https://committees.westminster.gov.uk/ieDecisionDetails.aspx?ID=954

 

 

 

11.1    The report of the Cabinet on 25^th October 2018 was submitted.  Paragraphs 1 to 5 were considered together. 

 

11.2    Councillor Rachael Robathan spoke in favour of the recommendations set out in the Cabinet report and Councillor Adam Hug made the first Opposition Speech and in doing so moved the amendments in his name as set out on the Order Paper which were seconded by Councillor David Boothroyd.

 

11.3    Following debate to which Councillor Robathan replied, the Lord Mayor put Amendment One to the recommendations in paragraph 1 of the Cabinet report moved by Councillor Adam Hug and seconded by Councillor David Boothroyd and on a roll call vote undertaken by the Chief Executive, there voted:

 

          For amendment one:  Councillors Barraclough, Begum, Boothroyd, Bush, Butler-Thalassis, Carman, Dimoldenberg, Hug, Less, Lewis, Mann, McAllister, McKie, Noble, Qureshi, Roca, Talukder and Taouzzale.

 

          Against amendment one:  Councillors Acton, Aiken, Adams, Arzymanow, Barnes, Beddoe, Bott, Caplan, Chalkley, Cox, Devenish, Elcho, Flight, Freeman, Gassanly, Glanz, Glenn, Green, Angela Harvey, David Harvey, Hitchcock, Hyams, Mitchell, Mohindra, Murphy, Payne, Rigby, Robathan, Rowley, Scarborough, Shearer, Short, Smith, Spencer, Swaddle, Warner and Wilkinson.

 

          Absence or not voting:  The Lord Mayor, and Councillors Burbridge, Dean and Toki.

 

11.4    The Lord Mayor declared Amendment one to be LOST.

 

11.5    The Lord Mayor then put the additional recommendation (amendment two) to the recommendations of the Cabinet’s Budget Proposals, moved by Councillor Adam Hug and seconded by Councillor David Boothroyd and on a roll call vote undertaken by the Chief Executive, there voted:

 

          For the additional recommendation:  Councillors Barraclough, Begum, Boothroyd, Bush, Butler-Thalassis, Carman, Dimoldenberg, Hug, Less, Lewis, Mann, McAllister, McKie, Noble, Qureshi, Roca, Talukder and Taouzzale.

 

          Against the additional recommendation:  Councillors Acton, Aiken, Adams, Arzymanow, Barnes, Beddoe, Bott, Caplan, Chalkley, Cox, Devenish, Elcho, Flight, Freeman, Gassanly, Glanz, Glenn, Green, Angela Harvey, David Harvey, Hitchcock, Hyams, Mitchell, Mohindra, Murphy, Payne, Rigby, Robathan, Rowley, Scarborough, Shearer, Short, Smith, Spencer, Swaddle, Warner and Wilkinson.

 

          Absence or not voting:  The Lord Mayor, Councillors Burbridge, Dean and Toki.

 

11.7    The Lord Mayor declared the additional recommendation to be LOST.

11.8    The Lord Mayor advised that the voting was on the unamended recommendations of the Cabinet in paragraph 1 of the Cabinet report – 2019-2020 Budget Proposals.  The Lord Mayor put the recommendations of the Cabinet in paragraph 1 to the vote and on a roll call vote undertaken by the Chief Executive there voted:

 

          For the recommendations:  Councillors Acton, Aiken, Adams, Arzymanow, Barnes, Beddoe, Bott, Caplan, Chalkley, Cox, Devenish, Elcho, Flight, Freeman, Gassanly, Glanz, Glenn, Green, Angela Harvey, David Harvey, Hitchcock, Hyams, Mitchell, Mohindra, Murphy, Payne, Rigby, Robathan, Rowley, Scarborough, Shearer, Short, Smith, Spencer, Swaddle, Warner and Wilkinson.

 

          Against the recommendations:  Councillors Barraclough, Begum, Boothroyd, Bush, Butler-Thalassis, Carman, Dimoldenberg, Hug, Less, Lewis, Mann, McAllister, McKie, Noble, Qureshi, Roca, Talukder and Taouzzale.

 

          Absence or not voting:  The Lord Mayor, Councillors Burbridge, Dean and Toki.

 

11.9    The Lord Mayor declared the recommendations in paragraph 1 of the Cabinet report ADOPTED.

 

          Resolved:

 

1.       That the budget proposals for the 2019/20 set out in the report of the City Treasurer attached to the Cabinet report as Appendix 1 be approved, where relevant external consultations have been completed. 

 

          2.       That in principle, the budget proposals for the 2019/20 budget where relevant external consultations have not been completed as separately listed in Section 19 of the report attached as Appendix 1 be approved.  Such proposals will be further considered, by Full Council on 6 March 2019, once all consultations and EIAs (Equality Impact Assessments) have been completed.

 

          3.       That the Council confirmed that they had regard to the Equality Impact Assessments (EIA) in Annex B to the report and considered the views of the Budget and Performance Task Group set out in Annex A as set out in Appendix 1 of the report considered by the Cabinet.

 

4.       That the financial regulations as set out in Section 19.6 and Annex D of the report attached as Appendix 1 be noted.

 

11.10  The Lord Mayor put the recommendations in paragraph 2 of the Cabinet report, Capital Strategy 2019-2020 to 2023-2024, Forecast Position for 2018-2019 and Future Years Forecasts summarised up to 2032-2033 to the vote and there voted on a roll call vote undertaken by the Chief Executive.

         

          For the recommendations:  Councillors Acton, Aiken, Adams, Arzymanow, Barnes, Barraclough, Begum, Beddoe, Bott, Boothroyd, Bush, Butler-Thalassis, Carman, Caplan, Chalkley, Cox, Devenish, Dimoldenberg, Elcho, Flight, Freeman, Gassanly, Glanz, Glenn, Green, Angela Harvey, David Harvey, Hitchcock, Hyams, Hug, Less, Lewis, Mitchell, Mohindra, Murphy, Mann, McAllister, McKie, Noble, Payne, Rigby, Robathan, Rowley, Scarborough, Shearer, Short, Smith, Spencer, Swaddle, Warner and Wilkinson, Qureshi, Roca, Talukder and Taouzzale.

 

          Against the recommendations:  None.

 

          Absence or not voting:  The Lord Mayor, Councillors Burbridge, Dean and Toki.

 

11.11  The Lord Mayor declared the recommendations in paragraph 2 of the Cabinet report ADOPTED.

 

          RESOLVED:

 

(i)     That the Council approved the capital strategy as set out in the Cabinet’s report attached as Appendix 2;

 

(ii)    Approved the capital expenditure of the General Fund as set out in the report attached as Appendix A to Appendix 2 for 2019-2020 to 2023-2024 and future years to 2032-2033;

 

(iii)    Approved the capital expenditure forecasts for the General Fund as set out in Appendix A of Appendix 2 for 2018-2019 (Period 4);

 

(iv)   Approved the expenditure forecast for 2018-2019 (Period 4) for the HRA as set out in Appendix B of the report attached as Appendix 2 ;

 

(v)    Approved that in the event that any additional expenditure is required by a capital scheme over and above the approved programme the revenue consequences of this will be financed by revenue savings or income generation from relevant service areas;

 

(vi)   Approved that all development and investment projects, along with any significant projects follow the previously approved business case governance process as set out in paragraphs 5.1 and 6.5 to 6.14 of the report attached as Appendix B;

 

(vii)   Approved that no financing sources, unless stipulated in regulations or necessary arrangements, are ring fenced;

 

(iix)   Approved that contingencies in respect of major projects are held corporately, with bids for access to those contingencies to be monitored by the Capital Review Group (CRG) in the event that they are required to fund capital project costs, as detailed in Sections 12.11 to 12.14 of the report attached as Appendix 2;

(ix)   Approved the Council plans to continue its use of capital receipts to fund the revenue costs of eligible proposals (subject to full business cases for each project).  This comes under the MHCLG Guidance on the Flexible Use of Capital Receipts (FCR), if considered beneficial to the Council’s finances by the City Treasurer at year-end.  (The Council’s strategy for flexible use of capital receipts is outlined in Section 11 of Appendix 2);

 

(x)    Approved the use of a further £7.193m of flexible use capital receipts to fund revenue costs associated with City Hall, Network and Telephony Transformation and Technology Refresh projects as detailed in section 11.9 and 11.14 to 11.24 of the report attached as Appendix 2 ;

 

(xi)   Approved the Council’s proposal to make use of £400m of forward borrowing to finance the capital programme and subsequently reduce the longer-term revenue impact;

 

(xii)   Approved the financing of the capital programme and revenue implications as set out in paragraphs 14.1 to 14.33 of the report attached as Appendix 2 ;

 

(xiii)  Approved the financing of the capital programme being delegated to the City Treasurer at the year end and to provide sufficient flexibility to allow for the most effective use of Council resources.

 

11.12  The Lord Mayor put the amendment to the recommendation in paragraph 3 of the Cabinet report moved by Councillor Adam Hug and seconded by Councillor David Boothroyd to the vote and on a show of hands declared the amendment LOST.

 

11.13  The Council noted paragraph 3 of the Cabinet report – Housing Investment Strategy and Housing Revenue Account Business Plan 2019-2020.

 

11.14  The Lord Mayor then put the recommendations in paragraph 4 of the Cabinet report to the vote and on a show of hands declared the recommendations ADOPTED. 

 

          RESOLVED:

 

          That the Council approved:

 

(i)               The Treasury Management Strategy Statement attached as Appendix 4;

 

(ii)              The Prudential Indicators set out in section 8 of the report attached as Appendix 4;

 

(iii)            The overall borrowing strategy and borrowing limits for 2019-2020 to 2023-2024 as detailed in sections 5 to 7 of the report attached as Appendix 4;

 

(iv)            Investment strategy and approved investments set out in Appendix 1 of the report attached as Appendix 4;

 

(v)             The Minimum Revenue Provision Policy set out in Appendix 2 of the report attached as Appendix 4.

 

11.15  The Lord Mayor then put the recommendations in paragraph 5 of the Cabinet report to the vote and on a show of hands declared the recommendations ADOPTED. 

 

          RESOLVED:

 

          That the Council:

 

(i)          Approved and implemented the Integrated Investment Framework set       out in the report as attached Appendix 5 (to be reviewed on an annual      basis).

 

(ii)             Approved that the target for the overall return on Council investments should aspire to match inflation.

 

(iii)           Approved that the benefits of investing in the Pension Fund should be used as a benchmark when evaluating other investments.

 

(iv)           Adopted the asset allocation percentages set out in the Framework and work towards achieving this.

 

(v)             Approved that the overarching objective of this Framework is to achieve an overall return on Council investments aspiring to match inflation, or to reduce costs and liabilities at an equivalent rate whilst maintaining adequate cash balances for operational purposes and not exposing the capital value of investments to unnecessary risk.

 

(vi)           Approved that investments allocated to out-of-borough property developments should be considered individually and should outweigh the benefits of investing in-borough (which can have a number of non-commercial benefits, e.g., place making) and in a diversified property fund. Individual decisions should be subject to Cabinet Member approval.

 

(vii)          Approved that the property and alternative asset allocation should focus on in-borough, with out of borough options being explored as and when they arise and subject to Cabinet Member approval.

 

(viii)        Approved that the Investment Executive implement, monitor and report on the investment strategy.