Agenda and minutes

Minutes of the Meeting held on 21 September 2022 (previously circulated). 

The Minutes of the meeting held on 21^st September 2022 were signed by the Chairman as a correct record. 

There were no items of urgent business. 

To receive declarations by Councillors of interests in respect of items on this Agenda. 

Councillors are reminded that, in accordance with the Localism Act 2011, they are required to declare any disclosable pecuniary interests which have not already been declared in the Council’s Register of Interests. (It is a criminal offence not to declare a disclosable pecuniary interest either in the Register or at the meeting). 

Whilst not a legal requirement, in accordance with Council Procedure Rule 9 and in the interests of clarity and transparency, Councillors should declare any disclosable pecuniary interests which they have already declared in the Register, at this point in the meeting. 

In accordance with Part B Section 2 of the Code Of Conduct, Councillors are required to declare the existence and nature of any other interests as defined in paragraphs 8(1) or 9(2) of the Code of Conduct. 

There were no declarations of interest. 

Cabinet Report and Appendix A considered by Cabinet on 25^th October 2022 attached.

Report of Chief Finance Officer. 

Note:  Councillor Whitehead, Cabinet Member withparticular responsibility for Finance and Resources, has been invited to the meeting for this item. 

Councillor Whitehead, Cabinet Member withparticular responsibility for Finance and Resources, had been invited to the meeting to update the Panel regarding the report. The Panel had received a report and appendix of the Chief Finance Officer that had been considered by Cabinet on 25^th October 2022.  The report considered various matters in connection with the Treasury Management Mid-Year Review 2022/23.  The Leader had agreed to take this as an item of urgent business to Cabinet to avoid any delay in enabling it to be scrutinised by the Panel prior to being submitted to Council. 

The Treasury Management Strategy (TMS) for 2022/23, which included the Annual Investment Strategy was approved by the Council on 23 February 2022.  There were no policy changes to the TMS; the details in the report updated the position in light of the updated economic position and budgetary changes already approved. 

Following queries regarding OBR Councillor Whitehead advised that the Council was required to have a balanced budget for the next financial year, however this would have not gone through the OBR process by that time.  Consultation was ongoing with Councillors and a meeting of budget champions from each group would be held on 11^th November 2022.  The process would involve the Council’s partners, the public and Council staff.  Providing interactive sessions with members of the public were currently being considered. 

Members asked a number of questions in relation to interest rates and levels of returns, OBR, slippage/projects, capital finance requirement, Authorised limits, Prudential Code indicators, construction and project costs, pay back periods, external funding cuts, revenue generation, Government grant and the period of the settlement, timescale, timescales for budget reporting to Cabinet and Council, Business rates including Heysham Power Station and the safety net position, Bailrigg and Digital infrastructure. 

Resolved:

That the report be noted.