Issue - meetings
Revised Minimum Revenue Provision [MRP] Statement 2018/19
Meeting: 17/09/2018 - Cabinet (Item 63)
63 Revised Minimum Revenue Provision [MRP] Statement 2018/19 
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Lead Member – Councillor D Minnery – Portfolio Holder for Finance
Report of the Head of Finance, Governance and Assurance [s151 Officer]
Contact: James Walton Tel: 01743 258915
Decision:
RESOLVED:
i) That all the options modelled for the revision of the calculation of MRP charges in relation to supported borrowing be considered.
ii) That the use of Option C3 (use a 45-year annuity method and apply Adjustment A from 2018/19) to calculate MRP charges in relation to supported borrowing be approved.
iii) That the £2.217m saving generated in 2018/19, be ringfenced to fund the Digital Transformation Programme.
Minutes:
The Portfolio Holder for Finance presented a technical report from the Head of Finance, Governance and Assurance [s151 Officer] on the revised calculation of minimum revenue provision [MRP] for the repayment of external debt. He drew attention to option C3 detailed in paragraph 6.3 of the report and stated that this would have a positive impact and could be used towards digital transformation.
In answer to a Member’s query, the Portfolio Holder explained stated that this did not illustrate higher than estimated costs for digital transformation but related to its financing and the reduction of the amount borrowed.
Together with the Leader, the Portfolio Holder for Finance believed that the majority of the projected overspend would not come to fruition and savings targets would be met.
RESOLVED:
i) That all the options modelled for the revision of the calculation of MRP charges in relation to supported borrowing be considered.
ii) That the use of Option C3 (use a 45-year annuity method and apply Adjustment A from 2018/19) to calculate MRP charges in relation to supported borrowing be approved.
iii) That the £2.217m saving generated in 2018/19, be ringfenced to fund the Digital Transformation Programme.