Chartered Institute of Public Finance and Accountancy

Agenda

Committee PRUDENTIAL CODE STEERING GROUP
Date 10 May 2002
Venue Council Chamber, CIPFA, 3 Robert Street, London, WC2N 6RL
Subject Future Timetable
Author Maureen Wellen, Policy & Technical Manager, Capital and Treasury

PURPOSE

To discuss and agree a future timetable of work for the Prudential Code Steering Group consistent with achieving implementation of the prudential framework from 2004/2005.

REPORT

  1. The Steering Group is asked to discuss and agree a future timetable of work consistent with a start date of the 2004/2005 financial year because:

    • The white paper in Scotland 'Renewing Local Democracy : The Next Steps', which was published in April 2002, states that subject to the Scottish Parliament enacting the necessary changes to the law in the Local Government in Scotland Bill, Ministers will introduce the new powers and responsibilities in relation to the prudential framework at the beginning of 2004/2005.

    • In England and Wales the introduction of the prudential framework is dependent on the passage of primary legislation and on parliamentary time for that legislation. This can in no way be anticipated or pre-judged. However, it is sensible to suggest that a start date before 2004/2005 would not be practicable.

  2. A suggested timetable for the future work programme of the Steering Group that is consistent with a 2004/2005 start date is appended to this report for discussion.

RECOMMENDATION

The Steering Group is asked to discuss and agree a future timetable of work for the Prudential Code Steering Group consistent with achieving implementation of the prudential framework from 2004/2005.

DRAFT FUTURE WORK PROGRAMME FOR THE PRUDENTIAL CODE STEERING GROUP

NB The work programme would be subject to progress with the wider prudential framework.

  1. MAY MEETING OF PCSG

    Discuss and consider the responses received to the exposure draft of the Prudential Code and an initial summary analysis of the responses received.

  2. JULY MEETING OF PCSG

    3. Discuss and consider amendments to the draft Prudential Code in the light of:

    • the discussion at the May meeting of the responses received to the exposure draft of the Prudential Code, together with the responses themselves

    • initial feedback from road testing

    • input from central government and devolved administration working groups on the developing prudential framework, in particular in relation to the issues not covered in the first exposure draft of the Prudential Code - the HRA, other ring fenced services and local authority companies.

  3. OCTOBER MEETING OF THE PCSG

    4. Discuss and consider:

    • a first fully revised draft of the second exposure draft of the Prudential Code

    • feedback from road testing

    • how developments in the wider prudential framework impact on the Prudential Code.

  4. DECEMBER MEETING OF THE PCSG

    5. Discuss and consider:

    • a further fully revised draft of the second exposure draft of the Prudential Code

    • final feedback from road testing

    • how developments in the wider prudential framework impact on the Prudential Code.

  5. FEBRUARY 2003 MEETING OF THE PCSG

    6. Consider second exposure draft of the Prudential Code for publication.

  6. FORWARD PLAN - SECOND EXPOSURE DRAFT OF THE PRUDENTIAL CODE

    7. The second exposure draft of the Prudential Code will need to be approved by the Institute's Treasury Management Panel and Technical Committee, and discussed by the Local Government Committee.

    The target date for publication of the second exposure draft of the Prudential Code - Spring 2003, with a two month consultation period.

  7. FORWARD PLAN - PRUDENTIAL CODE

    8. The Prudential Code will need to be approved in the light of the consultation responses by the Prudential Code Steering Group, Treasury Management Panel, Technical Committee and the Institute Council.

    The target date for taking the Code for approval by the Institute Council - September 2003.