Issue - meetings

This report sets out the Capital Strategy for 2015/16 to 2019/20, and in particular sets out details of new capital schemes. Cabinet is requested to make recommendations to Council on the revised capital and the full restated programmes.

Recommended: That Council agree to:

·        The revised capital programme of £187.019m that reflects a net overall increase of £44.107m (as set out in paragraph 55 table 7 and in Annex B). Key elements of this include

o        Extension of prudential borrowing funded Rolling Programme schemes totalling £5.970m as set out in table 2 and summarised in table 7;

o        New schemes totalling £8.763m including an increase in prudential borrowing of £5.538m as set out in table 3 and summarised in table 7;

o        New externally funded schemes totalling £15.140m as set out in table 4 and summarised in table 7;

o        An increase in HRA funded schemes totalling £14.234m funded from a combination HRA balances/Right to Buy receipts of £14.234m as set out in table 5 and summarised in table 7 subject to the approval of the Director of CBSS in relation to the IT investment (£1.810m)

·        Approve the full restated programme as summarised in Annex A totalling £187.019m cover financial years 2015/16 to 2019/20 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 2015/16 to 2019/20 and provided information on new capital schemes.

Since current scheme approval in February 2014 a number of amendments had been made resulting in a current approved capital programme for 2014/15 to 2018/19 of £209.117m financed by £118.741m of external funding and £90.376m of Council controlled resources.

Requests in the sum of £44.107m had been made to increase the existing programme, details of which were set out in paragraphs 6 to 9 in the report. With a summary of the new bids set out in Table 3 and the capital programme and growth summary 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 £187.019m that reflects a net overall increase of £44.107m (as set out in paragraph 55 table 7 and in Annex B). Key elements of this include:

a.   Extension of prudential borrowing funded Rolling Programme schemes totalling £5.970m as set out in table 2 and summarised in table 7;

b.   New schemes totalling £8.763m including an increase in prudential borrowing of £5.538m as set out in table 3 and summarised in table 7;

c.   New externally funded schemes totalling £15.140m as set out in table 4 and summarised in table 7;

d.   An increase in HRA funded schemes totalling £14.234m funded from a combination HRA balances/Right to Buy receipts of £14.234m as set out in table 5 and summarised in table 7 subject to the approval of the Director of CBSS in relation to the IT investment (£1.810m).

(ii)                    Approve the full restated programme as summarised in Annex A totalling £187.019m cover financial years 2015/16 to 2019/20 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.