Decision details

To consider the report of the Cabinet Member for Finance and Change detailing the General Fund Capital Programme 2023/24 to 2028/29.

Cabinet is recommended to:

(i)  Recommend to Council the Capital Strategy, as detailed in Appendix 1.

(ii)  Recommend to Council the Minimum Revenue Provision (MRP) Strategy as detailed in Appendix 2.

(iii)  Recommend to Council the Non-Treasury Investment Strategy as detailed in Appendix 3.

(iv)  Recommend to Council the Treasury Management Strategy as detailed in Appendix 4.

(v)  Recommend to Council the Flexible Use of Capital Receipts Strategy as detailed in Appendix 5.

(vi)  Recommend to Council the revised fully funded General Fund Capital Programme, that totals £264.81M (as detailed in paragraphs 18 to 21) and the associated use of resources.

(vii)  Recommend to Council the addition of £31.09M to the General Fund programme, with approval to spend. These additions are detailed in paragraphs 24 to 48 and Appendix 7.

(viii)  Recommend to Council the removal of schemes from the capital programme totalling £2.18M, set out in paragraphs 40 and 48 and detailed in Appendix 7.

(ix)  Recommend to Council the approval to spend £39.66M for the SEND Expansion Programme, as set out in paragraph 32.

(x)  Recommend to Council the approval to spend £27.03M for the Outdoor Sports Centre, as set out in paragraph 37.

The Constitution requires the Executive to recommend its budget proposals for the forthcoming year to Full Council. The recommendations contained in this report set out the various elements of the budget that need to be considered by Cabinet and recommended to Full Council for approval.

The Prudential Code for Capital Finance in Local Authorities requires authorities to produce a capital strategy, which Full Council must also approve.

The Council’s Capital Programme is reviewed on a quarterly basis in accordance with the Council’s Capital Strategy. Programme updates are reported to Cabinet and Council for approval. This is to enable new schemes in the programme to proceed and to approve additions and changes to the programme. Major capital projects are delivered over several years so by setting a clear five-year programme, works are scheduled over their estimated delivery period and can be funded accordingly.

No alternative options, given the requirements outlined in paragraphs 1 and 2.