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
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.
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
To maintain the status quo - this option was dismissed as this would not allow the combined authorities powers that reflected their new responsibilities.
S23 Local Government Act 2003
Publication date: 02/03/2018
Date of decision: 01/03/2018