Issue - meetings

To receive and consider the attached report by the Cabinet held on 6 November 2018 (recommendations to follow).

The purpose of the report by the Director of Finance and Information Technology (Section 151 Officer) is to recommend some minor updates to the Council's MRP policy following discussions with the Council's external auditors, and to inform members and the wider community of the Council’s Treasury Management position at 30 September 2018.

RECOMMENDED to Council:

(1)       If the carrying (market) value of an investment property falls below the original value of unsupported borrowing incurred to acquire the investment property excluding fees and other associated costs, minimum revenue provision (MRP) will be charged over the residual life of the property on the shortfall between the current property value and the value of borrowing.

(2)       Minimum revenue provision (MRP) be provided on equity shares over 25 years on an annuity basis.

(3)       It be noted that there have been no breaches of the Treasury Management Policy 2018/19 in the period up to 30 September 2018.

(4)       The actual Treasury Management indicators for September 2018 in Appendix A be noted.

RECOMMENDED to Council:

(1)       If the carrying (market) value of an investment property falls below the original value of unsupported borrowing incurred to acquire the investment property excluding fees and other associated costs, minimum revenue provision (MRP) will be charged over the residual life of the property on the shortfall between the current property value and the value of borrowing.

(2)       Minimum revenue provision (MRP) be provided on equity shares over 25 years on an annuity basis.

(3)      It be noted that there have been no breaches of the Treasury Management Policy 2018/19 in the period up to 30 September 2018.

(4)       The actual Treasury Management indicators for September 2018 in Appendix A be noted.

(Note - This is a referral to Council so is not subject to call-in)