Issue - meetings

The Chief Finance Officer to present a report which sets out the Capital Strategy for 2023/24 to 2027/28; in particular, proposals to continue to prioritise investment in the economy, housing and transport and invest to save, and asks Executive to recommend the revised capital programme to Council.

Recommended:  (i)      That Council agree the revised capital programme of £481.980m that reflects a net overall increase of £51.158m (as set out in table 2 at paragraph 18 of the report and in Annex A), key elements of which include:

a)   New schemes funded by prudential borrowing totalling £1.229m as set out in Table 3;

b)   Extension of prudential borrowing funded Rolling Programme schemes totalling £22.286m as set out in Table 4;

c)   Extension of externally funded Rolling Programme schemes totalling £8.998m as set out in Table 6;

d)   An increase in HRA funded schemes totalling £18.645m funded from a combination HRA balances/Right to Buy receipts as set out in Table 7.

(ii)      That Council note that the total increase in council borrowing as a result of new schemes being recommended for approval is £23.515m, the details of which are considered within this report and the financial strategy report.

(iii)     That Council approve the full restated programme totalling £481.980m covering financial years 2023/24 to 2027/28, as set out in table 11 and Annex B.

Reason:     In accordance with the statutory requirement to set a capital budget for the forthcoming financial year.

The Chief Finance Officer presented a report which set out the Capital Strategy for 2023/24 to 2027/28; in particular, proposals to continue to prioritise investment in the economy, housing and transport and invest to save, and asked Executive to recommend the revised capital programme to Council.

The current programme totalled £560m, of which £177m was funded from prudential borrowing.  To reduce the need for additional revenue to support the cost of borrowing, the programme had been reviewed, resulting in a proposed reduction of £2,600k as detailed in paragraphs 5 to 8 of the report.  A review of assets would also be carried out, with a view to disposing of sites worth approximately £9m to support the council’s financial position. 

New investment proposals for 2023/24 to 2027/28, totalling £51.158m, were summarised in Table 2 at paragraph 18 and detailed in paragraphs 20-55 and Annex A.  The full re-stated programme of £481.980m for the 5-year period was detailed in Annex B.

In supporting the recommendations, the Executive Member for Finance & Major Projects highlighted the need to continue to bring in external funding while reducing the pressure on borrowing.

Recommended:  (i)      That Council agree the revised capital programme of £481.980m that reflects a net overall increase of £51.158m (as set out in table 2 at paragraph 18 of the report and in Annex A), key elements of which include:

a)   New schemes funded by prudential borrowing totalling £1.229m as set out in Table 3;

b)   Extension of prudential borrowing funded Rolling Programme schemes totalling £22.286m as set out in Table 4;

c)   Extension of externally funded Rolling Programme schemes totalling £8.998m as set out in Table 6;

d)   An increase in HRA funded schemes totalling £18.645m funded from a combination HRA balances/Right to Buy receipts as set out in Table 7.

(ii)      That Council note that the total increase in council borrowing as a result of new schemes being recommended for approval is £23.515m, the details of which are considered within this report and the financial strategy report.

(iii)     That Council approve the full restated programme totalling £481.980m covering financial years 2023/24 to 2027/28, as set out in table 11 and Annex B.

Reason:     In accordance with the statutory requirement to set a capital budget for the forthcoming financial year.