Issue - meetings

Cabinet, at its meeting on 4 February 2021, will consider a report on the capital strategy for 2021/22 to 2030/31.   

The report of the interim head of finance, which Cabinet will consider on 4 February 2021, isattached.

The recommendations of Cabinet will be circulated to all councillors following the Cabinet meeting.

Council considered Cabinet’s recommendation, made at its meeting on 4 February 2021, on the council’s capital strategy for 2021/22 to 2030/31.

In response to a question the Cabinet member confirmed that the issue of divesting from fossil fuels would be considered as part of the next review of the strategy.

RESOLVED: to approve the capital strategy 2021/22 to 2030/31 which is contained in appendix one of the interim head of finance’s report to Cabinet on 4 February 2021. 

To consider the interim head of finance’s report. 

Cabinet considered the interim head of finance’s report on the capital strategy for 2021/22 to 2030/31.  This outlined the council’s approach to capital spending, based on the council’s corporate strategy, and was linked to the council’s corporate objectives, medium term financial strategy, and management of projects and programmes.  The strategy determined how capital schemes could be progressed from initial idea through to conclusion. 

The Cabinet member for finance reported that there were a number of key building blocks that were essential to underpin the strategy that were currently being developed.  These included an asset management strategy and maintenance plan, and medium-term service planning.  The capital strategy would be a key document for the council going forward.  It would provide a high-level overview of how capital expenditure; capital financing and treasury management activity contributed to the provision of services.  It would also provide an overview of how associated risk was managed and the implications for future financial sustainability.  It would increase transparency in the planning, approval and monitoring of capital expenditure. 

Cabinet noted that this year the strategy included within it a strategy for the flexible use of capital receipts.  This identified revenue activity which, under guidance issued by the Secretary of State for Communities and Local Government in 2016, was eligible to be funded using capital receipts rather than revenue resources. 

Cabinet welcomed the capital strategy and recommended its adoption to Council.  It was noted that work was underway on a procurement strategy, which would be brought forward in the next few months. 

RECOMMENDED to Council on 11 February 2021 to approve the capital strategy 2021/22 to 2030/31, contained in appendix one of the interim head of finance’s report to Cabinet on 4 February 2021.