Decision details

In moving the report the Deputy Leader explained that following changes introduced by Government in 2010/11 the cost of the Council borrowing money had increased.  In response, the Council as part of a Local Government Association initiative had contributed to the setting up of the Municipal Bond Agency (MBA), which was intended to reduce costs.

In order to borrow from the MBA the Council would need to enter into the Agency's Framework Agreement.

An amendment was moved and seconded that:

"This proposal potentially places the Council at serious financial risk and it is therefore resolved that:

Council defers consideration of this item and requests the Audit and Governance Committee to examine the potential risks in entering into the framework Agreement and the possible mitigation of those risks". 

Upon being put to the vote the motion was CARRIED and it was:

Resolved:  That consideration of this item be deferred and that the Audit and Governance Committee be requested to examine the potential risks of the County Council into entering into the Framework Agreement and the possible mitigation of those risks at its meeting on 26 September 2016 and a further report be presented to Full Council on 13 October 2016.