Substitutes are not allowed.

None

None

This is the final scheduled meeting of the Finance and Performance Panel in the current civic year.

The Panel NOTED that the meeting was the last of the civic year and that there was therefore no further workplan to consider.

For the Panel to approve the record of the meeting held on 03 December 2020 having raised any questions on the contents.

The notes of the meeting held on 03 December 2020 were AGREED.

Bill Lewis, Financial Accounting Manager, and Nigel Kennedy, Head of Financial Services, will be attending the meeting to present the report to Cabinet on the Capital Strategy.

The Panel is recommended to consider the report and make any recommendations to Cabinet on its contents as it deems appropriate.

Bill Lewis, Financial Accounting Manager, presented the Capital Strategy report.

Having a Capital Strategy was a constitutional requirement, where the Council needed to show the principles the Council would follow in its capital planning and management, the methodology for inclusion of schemes within the Capital Programme; and the arrangements for the effective management of capital schemes. A Capital Strategy was also a requirement under CIPFA guidelines.

The existence of some cross-over between the Capital Strategy and the Treasury Management Strategy was noted. The Panel explored the possibilities afforded by having one document, as found in some other Councils. However, given the specificity of treatment of capital for accountancy it was ultimately agreed that it was clearer to have a dedicated document which detailed what did and did not qualify and the rules which applied.

Discussion was undertaken in relation to a number of specific capital projects, in particular plans and costs around the proposed new depot for ODS, the extension to Seacourt Park and Ride’s delays, and the delays to the Aeron QL system and the action being taken in relation to it. Regarding the latter it was expected that a fee reduction would be sought.

The Panel noted that as evidenced by those discussed, a number of capital schemes had not progressed smoothly and it asked whether the Council did undertake post-project learning. It was confirmed that projects were subject to post-completion reviews. The Panel suggested that it would be valuable to consider such reviews in the future. The Head of Financial Services confirmed that should the Panel wish to look at them it would be possible to make available information from the reviews.

No recommendations were made to Cabinet arising from this specific report, though it was suggested that incorporating ideas and issues coming from it into the Budget Review Group report would be valuable.

This is the final scheduled Finance and Performance Panel of the Civic Year.

The Panel is recommended to agree a provisional date of 06 April 2021 for a meeting in the event that elections are postponed.

The Panel NOTED that no further meetings were scheduled for the current civic year.

Should the Panel consider it necessary to go into confidential session, it will be necessary to pass a resolution in accordance with the provisions of Paragraph 4(2)(b) of the Local Authorities (Executive Arrangements) (Access to Information) (England) Regulations 2012 to exclude the press and members of the public during discussion of this item on the grounds that it might involve disclosure of exempt information as described in the relevant paragraphs of Schedule 12A of the Local Government Act 1972.

It was AGREED that in accordance with the provisions of Paragraph 4(2)(b) of the Local Authorities (Executive Arrangements) (Access to Information) (England) Regulations 2012 on the grounds that their presence could involve the likely disclosure of exempt information as described in specific paragraphs of Schedule 12A of the Local Government Act 1972 the public would be excluded and the meeting go into confidential session.

Nigel Kennedy, Head of Finance, Tom Bridgman, Director of Development, Jane Winfield, Head of Commercial Property, and Julia Castle, Senior Lettings and Disposal Surveyor, will present a report to the Panel detailing proposed changes to the Council’s Commercial Property Strategy in light of recent changes to the Public Works Loan Board’s lending rules.

The Panel is invited to make any recommendations to Cabinet concern as appropriate.

Councillor Ed Turner provided an update on the Council’s Commercial Property Strategy in light of changes made to PWLB lending criteria. The full version of these minutes are included within the confidential minutes.

The Panel made no recommendations.