A report from the Executive Director – Resources is attached. (Key decision – reference number 5210)
Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources setting out the 2021/22 Capital Strategy and 2021/22 to 2030/31 ten-year capital programme.
1. The purpose of the report as summarised in paragraphs 1 to 5 of the report. The 10-year capital programme aligned with the 10-year treasury management strategy (Minute No.9 below referred). The Council would continue to take a strategic view of planned capital investment and the impacts on the Council’s revenue budgets and overall borrowing.
2. That Appendix 7 to the report provided the Capital Strategy 2021/22 which was based on sound financial management.
3. The detailed information provided within the report on the capital programme and funding sources. Paragraphs 78 to 92 of the report provided the Department overviews and key outcomes. The programme was subject to regular and robust review. Substantial investment in the Borough continued to take place including the delivery of essential infrastructure. The Council would continue to adopt a financially responsible and planned approach to capital investment.
4. That the Council was only required to have a 3-year capital strategy and programme, but the Council’s 10-year strategy enabled long-term effective and financially sound decision making to take place.
Alternative Options Considered: None appropriate in the context of this report.
DECISION: The Cabinet agreed to recommend to Council to
1. Approve the 2021/22 Capital Strategy as set out in Appendix 7 to the report.
2. Approve the 2021/22 Capital Programme and to note the 2022/23 to 2030/31 Ten-year Capital Programme as set out in Appendix 3 to the report.
3. Note the Projects in the Pipeline, detailed in Appendix 6 of the report.
Reason: To set the 2021/22 to 2030/31 Capital Programme and agree the Capital Strategy 2021/22. This was to facilitate long term financial planning which had become more important as the Council’s capital programme becomes larger and more complex. Reporting on a rolling ten-year basis assists the Council in understanding the impact of the capital investment being made on the revenue budgets and overall level of borrowing. The Treasury Management Strategy was also being reported on a ten-year basis.
(Key decision – reference number 5210)