Agenda item

(a)  That the capital strategy of £147.7m, as set out in the report, be approved.

(b)  That it be noted that the costs of the capital programme to the revenue budget would increase by £1.2m per annum commencing during the period of the capital strategy to fund borrowing of £21.5m.

(c)  That the principles underpinning the capital programme, as set out in paragraph 5.1.2 of the report, be approved.

The Assistant Director Finance & Audit introduced a report which sought approval of the Capital Strategy 2014-19 and agreement to implement the Capital Programme 2014-15, subject to business cases.

Members attention was drawn to the core principles underpinning the strategy which set out the overall approach in terms of financial management and linkages to asset management, highways & transport plans.  The capital strategy set out a series of projects totalling £147.7m over five years which included major investment in The Curve, housing and education provision.  Capital costs for leisure provision were not included and would be subject to further reports to Cabinet at future meetings.  It was noted that the total borrowing requirement during the period was £21.5m and the revenue financing required to support that borrowing was £1.2m.  The Cabinet discussed a number of issues including the contribution the capital strategy was making to the Council’s overarching objectives and regeneration of the town; and the increasing innovation in terms of delivering housing projects and the Slough Regeneration Partnership.

Members noted the Community Investment Fund (CIF) programme of £1.15m for 2014/15 as set out in paragraph 5.7.1 of the report.  A list of the Members bids for the allocated resources of £65k were tabled which included a children’s play area at Lascelles Park; improvements in Preston Park and Harvey Park; a Multi-Use Games Area for the Westfield estate in Colnbrook; and a pilot project for micro-allotment plots on undevelopable land.  Commissioners supported these bids and noted that a report on CIF Outturn 2013/14 would be considered by the Cabinet at a future meeting.

Recommended –

(a)  That the capital strategy of £147.7m, as set out in the report, be approved.

(b)  That it be noted that the costs of the capital programme to the revenue budget would increase by £1.2m per annum commencing during the period of the capital strategy to fund borrowing of £21.5m.

(c)  That the principles underpinning the capital programme, as set out in paragraph 5.1.2 of the report, be approved.