Issue - meetings

A report from the Executive Director Resources is attached.  (Key decision -  reference number 5353)

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director Resources setting out the Ten Year Capital Programme 2022/23 to 2031/32.

NOTED

1.    The programme was based on the Capital Strategy approved by Council on 22 September 2021, supporting the delivery of the Council’s corporate objectives.

2.    The ten year cycle improved strategic planning with greater transparency and alignment with the Treasury Management Strategy and MTFP.

3.    The investment plans were summarised, in particular for housebuilding.

4.    The overall programme had decreased by £92.2m from last years. Key reductions in the programme were reported, including the requirement for Joyce & Snells.

5.    The Capital Programme financing was set out in Chart 2 in the report. Borrowing was regulated by the Prudential Code. Debt was kept to an affordable level, and within the Council’s self-imposed borrowing cap.

6.    The Development and Infrastructure Financial Framework (DIFF) was developed to strengthen the approval of new capital projects and improve data.

7.    An overview of the programme was provided in Table 1, and the funding summary in Table 2.

8.    Information on debt charges and on grants and contributions was also included in the report.

9.    Section 106 (s106) and Community Infrastructure Levy (CIL) income was highlighted.

10. The Chair raised the progress on the Meridian Water project, to which much of the borrowing was related, and the commitment to Joyce & Snells. Detailed analysis of the Capital Programme was included in appendices to the report.

11. Councillor Barnes raised the Dugdale refurbishment, and engagement with stakeholders in coming weeks on proposals.

12. The Executive Director Place noted the approach to allocation of s106 and CIL funding in the capital programme, which is in line with previous Cabinet decisions and enables contributions from development to be reinvested in the borough’s community facilities and infrastructure.

Alternative Options Considered:

1.    The Ten year capital programme and overarching capital strategy have been developed using the DIFF Financial Framework which guarantees fair and consistent consideration of all options available for the deployment of limited resources in the achievement of stated objectives.

2.    A complete and robust consideration of all options has therefore been embedded in the development and refresh of the capital programme with input from a multi-disciplinary Capital Finance Board.

DECISION:  Cabinet agreed to recommend to Council to:

Approve the 2022/23 Capital Programme and to note the 2023/24 to 2031/32 Ten Year Capital Programme as set out in Appendix 3 of the report.

Reason:

1.    The Capital Programme establishes the budget framework and financial approvals for a wide variety of Council projects directed by the Corporate plan. The projects improve residents’ lives by building homes and schools, improving streets and infrastructure, and creating modern workspaces for local businesses.

2.    Over the coming ten years the proposed investment includes £852m for Meridian Water with construction work now underway on one site and construction to taking place across multiple sites from 2022/23; £1,100m for the Housing Revenue Account including delivering 3,500 new homes  ...  view the full minutes text for item 6