Agenda item

The Executive RECOMMENDED to the Council that:

(i)              the new capital bids for £2.348m for 2019/20, as set out in Annex A to the agenda report, be approved and be incorporated into the Capital Programme;

(ii)             The Prudential Indicators summarised below and explained in Annex C of the agenda report, including the MRP statement, for 2019/20 to 2021/22 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.

The Executive RESOLVED to note:

(i)              that the Capital Financing Requirement for this Council as at 31 March 2020 is estimated to be £183m and as such a Minimum Revenue Payment of £2.014m is required

(ii)             the provisional Capital Programme for 2019/20 to 2021/22; and

(iii)            The available capital receipts forecast shown in Annex C of the agenda report.

The Executive received details of the proposed 2019/20 Capital Programme. The Council held surplus capital receipts and these receipts, as detailed in Annex C of the agenda report, would be sufficient to fund the entire capital programme and therefore no existing revenue and/or borrowing would have to be used.

Additional capital receipts might be realised from the sale of Council assets and if this was the case they would be applied against capital spend thereby reducing borrowing.

The Revenue Capital Fund was estimated to be about £10m at 31 March 2019 and could be used to support the Capital Programme if required.  However, this would reduce the amount of reserve available to support revenue expenditure and hence the General Fund in the future.  The Council had undertaken borrowing during 2018/19 to fund significant property acquisitions and was prepared to do this again, should the need arise. 

Additional capital schemes might be brought during the year for the Executive and Council to consider.  These might result in a change to the Prudential Indicators, the Capital Financing Requirement and the Minimum Revenue Payment. If this was the case those changes would be reported to the Executive and Council.

Members noted that provision had been included for replacement ICT equipment and it was advised that the existing devices would be recycled where possible.

RECOMMENDED to the Council that

(i)          the new capital bids for £2.348m for 2019/20, as set out in Annex A to the agenda report, be approved and be incorporated into the Capital Programme;

(ii)        The Prudential Indicators summarised below and explained in Annex C of the agenda report, including the MRP statement, for 2019/20 to 2021/22 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.

RESOLVED to note:

(i)          that the Capital Financing Requirement for this Council as at 31 March 2020 is estimated to be £183m and as such a Minimum Revenue Payment of £2.014m is required

(ii)        the provisional Capital Programme for 2019/20 to 2021/22; and

(iii)      The available capital receipts forecast shown in Annex C of the agenda report.