Issue - meetings

Report number CHFR21 by the Corporate Head Finance & Resources.   

                                                                                                                     (Enclosure)

DECISION:

That the Council approve the revised Capital Programme attached as appendix A to report CHFR21

The Council had before them report CHFR21 of the Corporate Head of Finance and Resources which reviewed the Capital Programme for 2006/7 to 2008/9.  It has previously been approved at the Budget Setting meeting in March 2006.  In moving the report, the Portfolio Holder paid a tribute to MissMarshall and her team for all their hard work.

Councillor Wood expressed concern at the thrust of the report and the recommendation that the shortfall of financial capacity was met from Housing Capital receipts to provide an internal financing option rather than borrowing from external sources.  It was proposed that this approach would be a short term measure taken whilst the Council in conjunction with its advisors considered the longer term financial issues.

Councillor Wood proposed as an amendment that the report not be accepted and instead capital receipts be used in 2006/7, 2007/8 and 2008/9, that borrowing be reduced accordingly and the capital programme be amended.

The Section 151 Officer commented on the robustness of the proposals and the amendment and advised that Councillor Wood would need to elaborate on his amendment and provide quantified details on how the capital programme would be amended by his proposal. In the light of the comments of the S151 officer, the Chief Executive advised that the Council could not accept an amendment that was too vague to be implemented.  Councillor Wood therefore moved as an amendment that the report be deferred in its entirety and brought back to the next Council meeting.  After further discussion, the amendment was put to the vote and lost. 

Following further  debate, the original motion was duly moved, seconded and carried.