Issue - meetings

Cabinet, at its meeting on 31 January 2019, considered a report on the council’s capital strategy.

The report of the head of finance, which Cabinet considered on 31 January 2019, is attached.

RECOMMENDATION: to approve the capital strategy 2019/20 to 2028/29 which is contained in appendix one of the report of the head of finance to Cabinet on 31 January 2019. 

Council considered Cabinet’s recommendations, made at its meeting on 31 January 2019, on the council’s capital strategy 2019/20 to 2028/29.

Council noted that the adoption of a capital strategy ahead of the 2019/20 financial year is a requirement of the updated CIPFA prudential code and that Council will be required to review the strategy on an annual basis. The strategy will provide the overall policy framework for capital expenditure and investment although there are a number of key building blocks that underpin the strategy that are still being developed, including:

·         An asset management strategy and maintenance plan

·         Medium term service planning, and

·         Consistent management of projects and programmes

Council welcomed the strategy as a key document for the council going forward.

RESOLVED: to approve the capital strategy 2019/20 to 2028/29 which is contained in appendix one of the report of the head of finance to Cabinet on 31 January 2019.

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report on a capital strategy for the period 2019/20 to 2028/29. 

The Cabinet member for finance reported that the preparation of a capital strategy was a new requirement of the Chartered Institute of Public Finance and Accountancy (CIPFA).  The strategy demonstrated that capital expenditure and investment decisions were taken in line with service objectives and took account of stewardship, value for money, prudence, sustainability and affordability.  The strategy was underpinned by an asset management strategy and maintenance plan, which was being developed, by medium term financial planning, and through consistent management of projects and programmes. 

Cabinet supported the strategy. 

RECOMMENDED: to Council to approve the capital strategy 2019/20 to 2028/29, which is contained in appendix one of the report of the head of finance to Cabinet on 31 January 2019.