AC 26
The
Lead Hub Committee Member introduced the draft 2023/24 Capital
Strategy; 2023/24 Treasury Management Strategy; and 2023 Investment
Strategy reports for consideration. The
Member highlighted the development of a new railway station and
transport hub in Okehampton following a
successful bid of £13.4million from Central Government and
informed that West Devon Borough Council would be the accountable
body for the project.
The
Section 151 Officer confirmed that the budget for investment income
had been set at £400,000. A Member of staff monitored
treasury management on a daily basis and invests out with UK banks
and building societies on a 1 year, 6 month, 3 month or 1 month
basis.
Members voiced their delight at the successful bid for funding
for the transport hub in Okehampton.
The Section 151 Officer confirmed that West Devon Borough Council
would have the ultimate responsibly for the project and submitting
of the monitoring returns on a regular basis. It was noted that Devon County Council were the
transport authority and would be responsible for the procurement of
the project.
The
project had been added to the Council’s internal audit plan
for review, as requested by the S151 Officer. Staff resources on
the project was raised as an issue and the S151 Officer stated that
there would be no extra Government funding for this resource. The
positives of new business being brought to the area with the
project was also discussed.
It
was then RESOLVED that the
Audit Committee has scrutinised and RECOMMENDS to Council
approval of the 2023/24:
i)
Capital Strategy (as attached at Appendix A of the
presented agenda report);
ii)
Treasury Management Strategy (as attached at
Appendix B of the presented agenda report);
iii)
Investment Strategy (as attached at Appendix C of
the presented agenda report); and
iv)
That delegated authority be given to the Section 151
Officer, in consultation with the Leader of the Council and the Hub
Committee Member for Resources, to make any minor amendments to
these Strategies if required throughout the 2023/24 Financial
Year.