Issue - meetings

A report from the Executive Director – Resources is attached. (Key decision – reference number 5026)

(Report No.191)

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources (No.191) setting out the 2020/21 Capital Strategy and 2020/21 to 2029/30 Ten Year Capital Programme.

NOTED

1.            That it had been necessary to amend three tables within the report as set out below and circulated at the Cabinet meeting:

·         Table 2 of the report, there had been reprofiling of spend on a single scheme and the borrowing in the summary had not been reprofiled to match.

·         Tables 8 and 9 of the report, there had been transposition of some columns so these had been corrected to match the detailed appendices of the report.

2.            The recommendations detailed within section 2 of the report seeking approval of the Capital Strategy and Ten-Year Capital Programme. This represented an ambitious plan which aligned with the Council’s overall objectives. It was integrated with the Council’s Medium-Term Financial Plan and Treasury Management Strategy.

3.            The detailed funding proposals outlined within the report, together with the key areas of investment including: house building and regeneration; investment in roads and bridges and the Council’s wider estate; school improvements; and, ICT improvements.

4.            The detail of the Capital Strategy summarised in section 6 of the report, including the proposed investments and funding details. The borrowing strategy outlined in section 6 of the report was highlighted to Members.

5.            The risks and mitigation measures detailed within the report.

6.            The proposed Capital Programme 2020/21 to 2029/30 outlined in section 7 and the appendices of the report. A detailed and thorough process had been undertaken.

7.         That the proposals set out the longer-term priorities and investment in the Borough with a significant programme of planned projects. Individual projects would be subject to approval through future Cabinet and Council decisions as and when appropriate in the future as schemes progressed.

8.         The importance of “invest to save” projects for the future of the Borough, an example of the Reardon Court development was highlighted.

Alternative Options Considered: Not applicable to this report.

DECISION: The Cabinet agreed to recommend to Council to:

1.            Approve the 2020/21 Capital Strategy.

2.            Approve the 2020/21 Capital Programme and to note the 2020/21 to 20209/30 Ten Year Capital Programme as set out in Appendix 1 – Table 3C of the report; this included the following additions which had been considered by Cabinet at its meeting on 28 January 2020:

i.              Capital programme monitor Period 8 (November) 2019 additions (£359.97m).

ii.            2020/21 Corporate Condition Programme (CCP) – KD 5004, £2.5m.

iii.           Montagu Industrial Estate Redevelopment – KD 4876, £33.36m

iv.           Business Case for Capital Funding for Highways, Street Scene and Parks infrastructure 2020/21-2029/30 – KD 5044, £7.2m

3.            And the following presented as a separate report (Report No.193, Minute No.8 below referred):

i.              Housing Revenue Account (HRA) – 10 year Capital Programme £1,173m.

Reason: To set the 2020/21 to 2029/30 Capital Programme and agree the Capital Strategy 2020/21.

(Key decision – reference number 5026)