Agenda item

Capital Strategy Programme (Decision: 110699) - Report to Follow


Councillor Snell introduced the report and explained that it outlined the capital programme from 2024/25 until 2028/29. He stated that the programme had been reviewed in line with government directions, so no longer included some projects, and had been extended from three to five years. In 2023 the capital programme had capital spending at £202m over three years, but this had expanded to £275m in quarter one of 2023/24, of which £155m was to be funded through borrowing and £121m from external funding. Before March 2023 previously approved bids totalling £119m had been put on hold and were not included in the £202m of capital spending. Councillor Snell explained that following the review of the capital programme, £101m had been removed from budgets to reduce capital expenditure and to comply with the Section 114 notice. Councillor Snell summarised and stated that the report had been through the scrutiny process.

RESOLVED: that Cabinet:

1.1 Recommended to Full Council to:

a. Approve the revised capital programme and 5 year capital programme for 2024/25 to 2028/29 as set out in the report.

b. Approve that the capital projects:
(i) currently ‘on hold’ totalling £119.0m (see Appendix 2) are not included in the Capital Programme and the associated borrowing of £62.9m is not required;
(ii) the capital schemes that have not started totalling £3.3m (see Appendix 4) are also formally confirmed as removed from the capital programme and the associated borrowing of £3.3m is not required;
(iii) those schemes assessed and considered no longer necessary totalling £60.1m (see Appendix 5) are confirmed as removed from the capital programme and the associated borrowing of £56.5m is not required.

c. Approve the proposed financing of the capital programme as set out in Appendix 3.

d. Delegate to the Interim Director of Finance s151 all decisions surrounding the financing of individual items of expenditure within the revised capital programme, in line with the overall capital programme as set out in Appendix 3, in a manner which achieves the most effective use of Council’s resources.

e. Approve that any future changes to the capital programme should be approved by Full Council, whilst ensuring that external funding is able to be used in a timely manner, with any new borrowing requirements subject to Commissioner approval.

f. Approve that the Capital Programme Board review and receive updates on the action plans put in place to address the further improvements identified in Appendix 7 and to note progress on continued delivery of these improvements.

Reason for decision: as outlined in the report.
This decision is subject to call in.

Supporting documents: