Agenda item

The Executive RECOMMENDED to Full Council that the Capital Strategy and associated Capital Programme covering the period 2022/23 to 2025/26 be approved, including

(i)            the new capital bids for £1.139 million, as set out in Appendix 1 to Annex A to the agenda report, for 2022/23 be approved, and that they be incorporated into the Capital Programme; and

(ii)          The Prudential Indicators summarised below and explained in Annex A to the agenda report for 2022/23 to 2025/26 in accordance with the requirements of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code for Capital Finance in Local Authorities 2011 be approved; and

The Executive RESOLVED to note that

(i)            the Capital Financing Requirement (CFR) for this Council as at 31 March 2023 be estimated to be £174 million and as such a Minimum Revenue Provision of £2.32m is required;

(ii)          the provisional financing for Capital Programme for 2022/23 to 2025/26 (Table 2 in Appendix 1 to Annex A of the agenda report);

(iii)         Potential reprofiling from 2021/22 of £8.499 million (Table 3 in Appendix 1 to Annex A of the agenda report); and

(iv)         the available capital receipts forecast shown in Appendix 2 to Annex A to the agenda report.

The Executive considered a Capital Strategy report, which provided a high-level overview of how capital expenditure, capital financing and treasury management activity contributed to the provision of local public services, along with an overview of how any associated risk is managed and the implications for future financial sustainability.

The report summarised the capital programme, treasury strategy and investment strategy. These documents set out how the Council intended to manage its £13.0m of investments, £146m of borrowing and £108m of investment property together with approval for the 2022/23 capital programme of £1.101m.

It was reported that the Capital Programme was much reduced in 2022/23 to 2025/26 and would be funded from receipts reserves, with no borrowing for new schemes. Members considered the Capital Programme and referred to the Local Plan provision for gypsy, traveller and travelling show people sites in the 3 year capital programme. Assurances were provided that, although funding had been scheduled in years 2023/24 and 2024/25 of the programme, if opportunities for acquisitions of sites arose in 2022/23, this funding would brought forward.

It was advised that a review of projects included in this year’s Capital Programme would be considered as part of the Quarter 3 monitoring of the 2021/22 budget.

RECOMMENDED to Full Council that the Capital Strategy and associated Capital Programme covering the period 2022/23 to 2025/26 be approved, including

(i)        the new capital bids for £1.139 million, as set out in Appendix 1 to Annex A to the agenda report, for 2022/23 be approved, and that they be incorporated into the Capital Programme; and

(ii)      The Prudential Indicators summarised below and explained in Annex A to the agenda report for 2022/23 to 2025/26 in accordance with the requirements of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code for Capital Finance in Local Authorities 2011 be approved; and

RESOLVED to note that

(i)        the Capital Financing Requirement (CFR) for this Council as at 31 March 2023 be estimated to be £174 million and as such a Minimum Revenue Provision of £2.32m is required;

(ii)      the provisional financing for Capital Programme for 2022/23 to 2025/26 (Table 2 in Appendix 1 to Annex A of the agenda report);

(iii)     Potential reprofiling from 2021/22 of £8.499 million (Table 3 in Appendix 1 to Annex A of the agenda report); and

(iv)     the available capital receipts forecast shown in Appendix 2 to Annex A to the agenda report.