Issue - meetings

This report set out the Capital Strategy for 2016/17 to 2020/21, and in particular sets out new capital schemes.

Recommended: That Council:

·        Agree to the revised capital programme of £180.206m that reflects a net overall increase of £28.451m (as set out in paragraph 54 table 10 and in Annex B). Key elements of this include

o        Extension of prudential borrowing funded Rolling Programme schemes totalling £4.921m as set out in table 3 and summarised in table 10;

o        New schemes totalling £2.415m including an increase in prudential borrowing of £643k as set out in tables 4 & 5 and summarised in table 10;

o        Extension of externally funded Rolling Programme schemes totalling £9.878m as set out in table 6 and summarised in table 10;

o        An increase in Housing Revenue Account funded schemes totalling £12.009m funded from a combination HRA balances/Right to Buy receipts of £12.009m as set out in table 7 and summarised in table 10

·        Approve the full restated programme as summarised in Annex A totalling £180.206m cover financial years 2016/17 to 2020/21 as set out in table 11 and Annex A

·          Approve the appropriation of the Housing Revenue Account shops into the General Fund as set out at paragraph 5 in the report.

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 2016/17 to 2010/21 and provided information on new capital schemes.

Since current scheme approval in February 2015 a number of amendments had been made resulting in a current approved capital programme for 2015/16 to 2019/20 of £203.293m financed by £110.168m of external funding and £93.125m of Council controlled resources.

Requests in the sum of £29.223m had been made to increase the existing programme, details of which were set out in paragraphs 6 to 10 and summarised in table 10 in the report. With a summary of the new bids set out in Table 2 and the capital programme and growth summary in Annexes A and B.

It was noted that all bids received for capital funding had addressed the aspiration of the Council Plan with each proposal addressing at least one of the corporate priorities and that to mitigate risks the programme was regularly monitored by the Capital Asset Board.

Recommended: That Council:

·        Agree to the revised capital programme of £180.206m that reflects a net overall increase of £28.451m (as set out in paragraph 54 table 10 and in Annex B). Key elements of this include

o        Extension of prudential borrowing funded Rolling Programme schemes totalling £4.921m as set out in table 3 and summarised in table 10;

o        New schemes totalling £2.415m including an increase in prudential borrowing of £643k as set out in tables 4 & 5 and summarised in table 10;

o        Extension of externally funded Rolling Programme schemes totalling £9.878m as set out in table 6 and summarised in table 10;

o        An increase in Housing Revenue Account funded schemes totalling £12.009m funded from a combination HRA balances/Right to Buy receipts of £12.009m as set out in table 7 and summarised in table 10

·        Approve the full restated programme as summarised in Annex A totalling £180.206m cover financial years 2016/17 to 2020/21 as set out in table 11 and Annex A

·          Approve the appropriation of the Housing Revenue Account shops into the General Fund as set out at paragraph 5 in the report. ^1.

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