Agenda item

Report and appendices attached.

1. Agreed to recommended to Council for consideration and approval the 2023/24 and 5 year Capital Programme noting the regulations for accessing new borrowing set out in section 1.3

2. Agreed that the Chief Financial Officer be authorised to allocate funding from the Capital Contingency included within the draft Capital Programme.

3. Agreed 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. Approved 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 2023/24 and beyond

5. Noted the capital prudential indicators included within the capital strategy when approving the capital programme to ensure affordability.

6. Approved the Minimum Revenue Provision Policy Statement which determines the amount of money set aside each year for the repayment of debt

7. Agreed 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.

Cabinet was presented with the 5 Year Capital Programme and Strategy – 2023/24 to 2027/28

Report introduced by Councillor Christopher Wilkins

This report sets out the Authority’s Capital Strategy and presents the Council’s proposed capital budget for 2023/24 and five year Capital Programme to 2027/28.

The Cabinet agreed the following:

1.     Agreed to recommended to Council for consideration and approval the 2023/24 and 5-year Capital Programme noting the regulations for accessing new borrowing set out in section 1.3

2.     Agreed that the Chief Financial Officer be authorised to allocate funding from the Capital Contingency included within the draft Capital Programme.

3.     Agreed 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.     Approved 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 2023/24 and beyond

5.     Noted the capital prudential indicators included within the capital strategy when approving the capital programme to ensure affordability.

6.     Approved the Minimum Revenue Provision Policy Statement which determines the amount of money set aside each year for the repayment of debt

7.     Agreed 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.