Councillor Hebb, Portfolio Holder for Finance, presented the report that set out the strategic framework underpinning capital expenditure and the associated financing at the Council. The report also included the Treasury Management Strategy which had been previously considered in isolation up to 2018/19 which was also linked to the Council’s ambitions of becoming a more commercially focused borough; one where sensible transactions were completed which created revenue returns that could then be allocated to spending on the services for Thurrock residents.

A sheet had been tabled for this item which reflected changes to Pages 65 and 66 of the agenda. This sheet can be found as a supplementary item on-line.

Councillor J Kent stated the Labour Group support to the recommendations.

Councillor Spillman stated the Thurrock Independent Group support to the recommendations.

The Mayor called a vote on this item to which Members voted unanimously in favour.

RESOLVED:

That the Council:

1.         Approved the Capital Strategy for 2019/20 including approval of the Annual Minimum Revenue Provision (MRP) statement for 2019/20; and

2.         Approved the adoption of the Prudential Indicators as set out in Appendix 1; and

3.         Noted the revised 2018/19 and 2019/20 Treasury Management projections as set out in Annex 1 paragraph 2.32.