The Senior Finance Manager for Major Projects and Corporate Activity presented the report of the Director of Finance which provided an update on the calculation of the annual Minimum Revenue Provision (MRP), made in relation to the financing of past and current capital expenditure. Audit and Risk Management Committee requested in July 2022 that a report be brought in regard of MRP to a future meeting of the Committee. This was in response to Grant Thornton’s, the Council’s external auditors, External Audit Annual Report 2020-21. The terminology was explained as well as the main calculations and potential alternative approaches. It was noted that an MRP policy was approved annually by full Council.

Resolved: That the report be noted.