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Decision details

Decision: Borrowing Powers Of The Cambridgeshire And Peterborough Combined Authority - FEB18/CMDN/111)

Decision Maker: Leader of the Council and Member and Deputy Mayor of the Cambridgeshire and Peterborough Combined Authority

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

The Cabinet Member approved giving the consent of Peterborough City Council for the Cambridgeshire and Peterborough Combined Authority to extend its borrowing powers beyond its existing transport borrowing powers so that it can borrow for any of its new functions.

 

Reasons for the decision:

In order to align the Cambridgeshire and Peterborough Combined Authority’s powers with its responsibilities following the government announcement that it would give mayoral combined authorities powers to borrow for their new functions and to invest in economically productive infrastructure, subject to agreeing a borrowing cap with HM Treasury

Alternative options considered:

To maintain the status quo - this option was dismissed as this would not allow the combined authorities powers that reflected their new responsibilities.

 

Interests and Nature of Interests Declared:

None.

Background Documents:

S23 Local Government Act 2003

Publication date: 02/03/2018

Date of decision: 01/03/2018

Accompanying Documents: