Warrington Borough Council has confirmed that it will begin talks with CIPFA over the authority’s capital strategy and level of borrowing.
The council stated that it follows “positive discussions” with the Department for Levelling Up Housing and Communities about the council’s approach over the last 12 months.
The basis of discussions with CIPFA will be on the authority’s capital strategy and the level of risk to the council in the future. Discussions will also focus on the council’s level of borrowing and its existing governance procedures and effective performance monitoring.
In December, the council reported that, as of 30 September 2022, Warrington’s current portfolio of Public Works Loan Board loans, market and temporary loans stood at over £1.8m.
Cathy Mitchell, Warrington’s deputy leader and cabinet member for finance, said: “For the past year, alongside other councils, we have had cordial discussions with government officials about our capital strategy and level of borrowing.
“As part of discussions so far, we have shared detailed financial information and data about our approach. All of our investments are always supported by rigorous risk assessments and prudent business cases, with strong and detailed governance. Our investments support our net-zero ambitions and our wider vision to make Warrington a great place to work, live and visit.”
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The council’s major material investments include Redwood Bank, Together Energy, various solar farms and Incrementum Housing.
Mitchell added: “We borrow to be able to invest in projects that we wouldn’t otherwise be able to do due to government cuts. Many of our investments also directly generate income that we can use to fund vital services.
“We therefore look forward to working with CIPFA and continuing discussions with government and showing how our approach is working for Warrington.”
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