Report and appendices attached
Cabinet considered the Year Capital Programme and Strategy – 2022/23 to 2026/27 report presented by Chief Financial Officer Jane West.
It was explained in the report that the Council was required by statute (the Prudential Code for Capital Finance in Local Authorities, 2017 Edition) to agree the capital programme and associated capital strategy. Local authorities were required to have regard to the current editions of the code by regulations 2 and 24 of the Local Authorities (Capital Finance and Accounting) Regulations 2003 [SI 3146]. The report set out the Authority’s Capital Strategy and presented the Council’s proposed capital budget for 2022/23 and five year Capital Programme to 2026/27.
Jane West explained that the report was a rollover capital programme and that it was the 4th year of investment in the road’s programme and investment in ICT. Work had also started on the swimming pool and that the paper set out the capital spend requirements and indicators, affordability, and risks (both regulation and reputational).
AGREED the following:
1. To recommend to Council for consideration and approval the 2022/23 and 5 year Capital Programme noting the changes in accessing new borrowing set out in section 1.3
2. That the Chief Financial Officer be authorised to allocate funding from the Capital Contingency included within the draft Capital Programme.
3. That externally funded schemes can be added to the capital programme up to £500k as and when funding is confirmed. Any external funding over £500k will be subject to approval by the Chief Financial Officer.
4. To approve the capital strategy contained within this report noting its impact on both the capital programme and the financial implications for setting the revenue budget for 2022/23 and beyond.
5. To note the capital prudential indicators included within the capital strategy when approving the capital programme to ensure affordability.
6. To approve the Minimum Revenue Provision Policy Statement which determines the amount of money set aside each year for the repayment of debt.
7. That the Chief Financial Officer be authorised to re-profile capital budgets mid-year based on the updated forecasts provided by services and reported to the Senior Leadership Team as part of the capital monitoring process. This will assist in producing more accurate information for treasury management purposes.