Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
(1) That approval be given to:
· The Capital Programme as detailed in Appendix 2 to the report.
· Schemes to be undertaken from the “block” budget allocations reported in paragraph 21 and detailed Appendix 4 of the report.
(2) That it be recommended that Council approve:
· the Capital Strategy included in Appendix 1 to the report;
· the overall Capital Programme in the sum of £417.38m for the period 2022/25, comprising £187.23m in respect of the General Capital Programme and £230.15m for the Investment Fund and
· additional prudential borrowing of £50.52m as detailed in paragraph 12 of the report.
· the Prudential and Local Indicators as set out at Appendix 3 of the report.
· the Asset Investment Strategy included in Appendix 5 of the report.
· the flexible use of capital receipts of up to £0.27m to support the cost of the Modernisation Team in developing the Council’s Finance and Change Programme.
· the flexible use of capital receipts strategy as detailed in paragraph 16 of the report.
The Council is regularly assessed on the performance of its Capital Programme and how delivery matches corporate policies and proposed spending plans. To reflect budgets in line with revised expectations will assist in evidencing that compliance with the above is being met.
To decide to use capital receipts to repay debt which would generate revenue savings on the Medium Term Financial Plan. However, the proposed application of the capital receipts are to schemes with mandatory requirements and schemes to protect the long-term viability of the Council’s assets; enabling efficient and effective service delivery and avoiding potential increases in maintenance costs in future years, the benefits of which are greater than just using the receipts to repay debt.
Publication date: 22/02/2022
Date of decision: 16/02/2022
Decided at meeting: 16/02/2022 - Executive
Effective from: 02/03/2022