Agenda item

Members sought clarification in relation to the overall costs of the Authority’s loans and questioned whether the Authority should use it Reserves?  Members also questioned the effect this would have should Local Government Reorganisation take place.  The Director of Finance and Corporate Services advised Members that it was prudent to repay the loans over a 50 year basis rather than the existing policy of repayment over 422 years.  Members were also advised that the Council was using its reserves to reduce the amount of loans taken out and hence save on interest costs.

RESOLVED:            that the revised Minimum Revenue Provision (MRP) Policy for the 2015/16 financial year, as contained in the circulated report, be approved.