Issue - meetings

This report sets out the Capital Strategy for 2014/15 to 2018/19, and in particular sets out new capital schemes.  Members are asked to consider the proposed new capital schemes and their requirement for funding covering the period 2014/15 to 2018/19 and to recommend to Council the overall capital investment programme.

Recommended: That Council agree to:

(i)        The revised capital programme of £182.700m that reflects a net overall increase of £38.132m (as set out in Paragraph 53, Table 7 and in Annex B of the report). Key elements of this include:

·        Extension of prudential borrowing funded Rolling Programme schemes totalling £11.050m as set out in table 2 and summarised in table 7;

·        New schemes totalling £6.120m including an increase in prudential borrowing of £5.325m as set out in table 3 and summarised in table 7;

·        New externally funded schemes totalling £12.003m as set out in table 4 and summarised in table 7;

·        An increase in HRA funded schemes totalling £8.959m funded from HRA balances of £8.959m as set out in table 5 and summarised in table 7.

(ii)      Approve the full restated programme as summarised in Annex A totalling £182.700m cover financial years 2014/15 to 2018/19 as set out in table 8 and Annex A.

Reason:     To set a balanced capital programme as required by the Local Government Act 2003.

Consideration was given to a report which set out the Capital Strategy for the 5 year period covering 2014/15 to 2018/19 and provided information on new capital schemes.

Since current scheme approval in February 2013 a number of amendments had been made resulting in a current approved capital programme for 2013/14 to 2017/18 of £205.482m financed by £126.135m of external funding and £79.347m of Council controlled resources.

Requests in the sum of £38.132m had been made to increase the existing programme, details of which were set out in Tables 2 to 6 in the report. With a summary of the purpose of all the capital schemes set out in Table 9 and in Annexes A and B.

It was noted that all the schemes progressed through for consideration had demonstrated that they directly contributed towards achievements in the Corporate Strategy and that to mitigate risks the programme was regularly monitored by the Capital Asset Board.

Recommended: That Council agree to:

(i)        The revised capital programme of £182.700m that reflects a net overall increase of £38.132m (as set out in Paragraph 53, Table 7 and in Annex B of the report). Key elements of this include:

·        Extension of prudential borrowing funded Rolling Programme schemes totalling £11.050m as set out in table 2 and summarised in table 7;

·        New schemes totalling £6.120m including an increase in prudential borrowing of £5.325m as set out in table 3 and summarised in table 7;

·        New externally funded schemes totalling £12.003m as set out in table 4 and summarised in table 7;

·        An increase in HRA funded schemes totalling £8.959m funded from HRA balances of £8.959m as set out in table 5 and summarised in table 7.

(ii)      Approve the full restated programme as summarised in Annex A totalling £182.700m cover financial years 2014/15 to 2018/19 as set out in table 8 and Annex A. ^1.

Reason:     To set a balanced capital programme as required by the Local Government Act 2003.