Cabinet considered the head of finance’s report on a draft capital strategy for 2023/24 to 2032/33. The report sought Cabinet’s agreement to recommend the capital strategy to Council.
The Cabinet member for finance reported that it was a requirement for the council to review its capital strategy annually. It provided the parameters within which capital expenditure and investment decisions would be made once the supporting requirements were in place.
Cabinet noted that there were no changes proposed to the strategy. Cabinet supported the strategy, noting that it was based on the council’s corporate strategy, and was linked to the council’s corporate objectives, the medium term financial strategy, and the delivery of capital projects.
RECOMMENDED to Council to:
(a) approve the capital strategy 2023/24 to 2032/33, as set out in appendix 1 of the head of finance’s report to Cabinet on 2 February 2023; and
(b) agree the strategy for flexible use of capital receipts, which is contained as annex 1 of the capital strategy.