Issue - meetings

To consider the report by the Corporate Director for Finance and Commercial

The Corporate Director for Finance and Commercial introduced the Minimum Revenue Provision (MRP) Policy and outlined the impacts of this on levels of debt and how debt is financed over time.

Following the introduction the councillors debated the paper covering areas such as;

·       the timeline of this change and the rationale for it coming to the Place and Resources Scrutiny Committee

·       the confidence in the value of the assets and the impact on prudence of the change of the MRP

·       the risk profile of changing MRP

·       the definition of and understanding of useful economic life and its connection to the condition of assets

·       the discrepancy between the current useful economic life of assets and the current time period for which the debt is written down

·       the external views of external auditors and the Council's treasury management advisors

An extension to the meeting was proposed by the Cllr Lacey-Clarke and seconded by Cllr O’Leary

The recommendation that the review of the Minimum Revenue Provision be not approved by Council and that it be considered as part of setting the 2026/27 budget setting process was proposed by Cllr Lacey-Clarke and seconded by Cllr O’Leary and passed with 4 votes for and 2 abstaining.