Agenda item

(a)  That the capital strategy of £235m and the Minimum Revenue Provision be approved and Recommended to full Council.

(b)  That it be noted that the notional costs of borrowing for the capital programme to the revenue budget would increase by up to £2.5m per annum commencing during the period of the capital strategy to fund borrowing and / or the reduction of investments of £40m.

(c)  That the principles underpinning the capital programme in paragraph 5.1.2 and Minimum Revenue Provision principles be approved.

(d)  That the appendices A to C detailing the capital programmes be approved (subject to these having approved Final Business Cases by the Capital Strategy Board).

A report was considered that sought approval for the Capital Strategy 2016-22 and the Capital Programme 2016-17 which would be implemented subject to business cases.

The strategy included significant investment in a range of housing, education and transport projects, and included a major £30m investment in leisure facilities as agreed by Council in January 2016.  The capital projects were geared towards the Five Year Plan outcomes both in terms of improving infrastructure and services for the town and delivering value for money by using capital investment to deliver revenue savings where appropriate.

Commissioners commented that the strategy was well matched to the Council’s wider strategic objectives, for example the investment in the new leisure centre, Arbour Park Community Sports Facility and refurbished ice arena would help increase people’s levels of activity and reduce spending on health and care.  Investment in transport infrastructure, particularly on the A4, A355 and A332 would help to further improve Slough as an attractive business location to help protect Business Rate income.

The Cabinet discussed a number of other issues including future Section 106 income and the Community Infrastructure Levy (CIL).  It was felt that the principle of CIL was sound but the legislative requirements meant that it would be difficult to implement in Slough and would therefore be kept under review.  A number of other issues were discussed including the resources available for demolitions to support regeneration projects.

The Cabinet agreed to recommend the Capital Strategy and Capital Programme to full Council on 25^th February 2016.

Recommended –

(a)  That the capital strategy of £235m and the Minimum Revenue Provision be approved and Recommended to full Council.

(b)  That it be noted that the notional costs of borrowing for the capital programme to the revenue budget would increase by up to £2.5m per annum commencing during the period of the capital strategy to fund borrowing and / or the reduction of investments of £40m.

(c)  That the principles underpinning the capital programme in paragraph 5.1.2 of the report and Minimum Revenue Provision principles be approved.

(d)  That appendices A to C of the report detailing the capital programmes be approved (subject to these having approved Final Business Cases by the Capital Strategy Board).