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Agenda item

Capital Strategy 2019-2024

Decision:

(a)  That the capital strategy of £239.3m and the Minimum Revenue Provision is 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 will be an increase of up to £4.188m per annum -commencing during the period of the capital strategy to fund borrowing.

 

(c)  That the principles underpinning the capital programme in paragraph 5.1.2 of the report and the Minimum Revenue Provision principles in Section 6 be approved.

 

(d)  That appendices A and B detailing the capital programmes be approved.

Minutes:

The Service Lead Finance introduced a report that requested the Cabinet to recommend to Council the approval of the Capital Strategy 2019-24 and the capital programme 2019/20.

 

The core principles of the strategy were to be affordable, support the Five Year Plan priorities and maximise the Council’s assets.  A programme of £239m was proposed for the next year which included a range of projects such as £40m for school expansions; £62m for improvements to Council housing stock; £41m for James Elliman Homes; £25m for the new hotels schemes on the Old Library Site and £15m for the development of new community centres/hubs.  There was also provision the continue the Community Investment Fund to invest in neighbourhood level projects identified by Ward Members.

 

The Cabinet welcomed the ambitious programme to would help deliver the strategic priorities in the Five Year Plan.  The financing of the programme was discussed including the impact on borrowing and the use of Section 106 receipts.  The Overview & Scrutiny Committee had discussed this issue at their meeting on 31st January and had asked for a more detailed report to ensure Section 106 monies were maximised and effectively managed.  The Cabinet requested a report on this matter prior to it being considered by the Overview & Scrutiny Committee.

 

It was noted that the total revenue financing required to fund the capital strategy’s borrowing requirements of £139.5m was £4.188m over five years.  The strategy was closely aligned to the Treasury Management Strategy to ensure the financing was in place to support the programme.

 

At the conclusion of the discussion, it was agreed to recommend approval of the Capital Strategy and capital programme to Council.

 

Recommended –

 

(a)  That the capital strategy of £239.3m 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 be an increase of up to £4.188m per annum -commencing during the period of the capital strategy to fund borrowing.

 

(c)  That the principles underpinning the capital programme in paragraph 5.1.2 of the report and the Minimum Revenue Provision principles in Section 6 be approved.

 

(d)  That appendices A and B to the report detailing the capital programmes be approved.

Supporting documents: