Decision details
West of England Combined Authority - Approval of Borrowing Cap
Decision Maker: Leader of the Council
Decision status: Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
To give consent to the Combined Authorities Borrowing Regulations, including the setting of a borrowing cap for the West of England Combined Authority
Decision:
The Cabinet Member agrees to:
(i) Give consent to the Combined Authorities Borrowing
Regulations.
(ii) Delegate to the Chief Executive, authority to make all related decisions and provide written authority to the Secretary of State of consent to the Combined Authorities Regulations.
Reasons for the decision:
The Government requires each of the constituent councils to give consent to the Combined Authorities Borrowing Regulations, including the setting of a borrowing cap for the West of England Combined Authority.
Alternative options considered:
As part of devolution arrangements the Government were not minded to provide the fully devolved borrowing arrangements under the Prudential Code to Combined Authorities and therefore, this option will seek to consent to the Government’s preferred arrangements providing an annual debt cap for combined authorities.
Publication date: 22/01/2018
Date of decision: 22/01/2018
Effective from: 30/01/2018
Accompanying Documents:
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