Agenda item

Bevis Ingram (Senior Adviser – Local Government Finance) introduced the report which set out the LGA’s responses to the consultations on the Cipfa Prudential Code for Capital Finance in Local Authorities, and the Cipfa Treasury Management Code of Practice. Although the potential changes were technical, the codes were of great importance as they underpinned the capital financing framework for councils, and required a high level response. The Prudential Code in particular had been very successful for local government as it allowed councils to set their own limits according to their own needs.

Members agreed that the arrangements had worked well, provided a good governance framework to be followed, and that the review should not fundamentally alter current arrangements. The draft consultation response was agreed.

Decision

The Resources Board agreed the draft response to the consultation paper.