Issue - meetings

Cabinet, at its meeting on 15 February 2024, will consider the attached report of the head of finance on the council’s capital strategy for 2024/25 to 2033/34.   

Cabinet’s recommendations will be circulated to all members prior to the Council meeting.

Council considered Cabinet’s recommendation, made at its meeting on 15 February 2024, on the council’s capital strategy for 2024/25 to 2032/34.

Councillor Barker, the Cabinet member for finance and property assets, introduced the report and the Cabinet’s recommendations. Cabinet had supported the strategy, and he noted that it was a requirement for the council to review its capital strategy annually. In this review, he noted that a key change to the strategy was in section five of the report, as the ending of commercial investments would bring the council in line with the Chartered Institute of Public Finance and Accountancy (CIPFA) requirements. He also drew members attention to Annex A which was the proposed strategy for the flexible use of capital receipts.

In addition, Councillor Barker noted that, since the report was published, there had been amendments made to the figures presented on page 74 of the agenda, but that they did not have any material effect on the strategy. Some members indicated that an improvement to future strategies would be for the charts to also present the raw data alongside them in order for members and residents to more easily examine the data.

Council was satisfied with the strategy and agreed that it should be approved.

RESOLVED: to

1.       approve the capital strategy 2024/25 to 2033/34, as set out in Appendix 1 of the head of finance’s report to Cabinet on 15 February 2024; and

2.       agree the strategy for flexible use of capital receipts, as set out in Annex 1 of the capital strategy. 

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report, which proposed the capital strategy for 2024/25 to 2033/34.  The strategy outlined the council’s approach to capital spending, based on the council’s corporate strategy, and was linked to the council’s corporate objectives, the medium-term financial strategy, and the management of its projects and programmes.

This year, the key changes to the strategy included:

·       amendments to the Investment Strategy (section 5), including removal of the commercial investments category, in line with the latest Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code and the Public Works Loans Board’s lending requirements. 

·       a capital expenditure de-minimis level note added to section 4.

Cabinet supported the proposed strategy for recommendation to Council for approval. 

RECOMMENDED to Council to:

(a)       approve the capital strategy 2024/25 to 2033/34, as set out in Appendix 1 of the head of finance’s report to Cabinet on 15 February 2024; and

(b)       agree the strategy for flexible use of capital receipts, as set out in Annex 1 of the capital strategy.