Issue - meetings

To submit a report by the Head of Function (Resources)/Section 151 Officer.

It was resolved to approve the following –

·        The Capital Strategy for 2019/20 – 2021/22.

·        The reduction in the amount which qualifies as capital expenditure from a de minimis of £30k to £10k per project to bring the capital de minimis in line with the capital receipts de minimis of £10k.

The report of the Head of Function (Resources)/Section 151 Officer incorporating a Capital Strategy for 2019/20 to 2021/22 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that the revised CIPFA Prudential Code, September, 2017 requires all authorities to produce a capital strategy. This must set out the long-term context in which capital expenditure and investment decisions are made. This requirement is aimed at ensuring that authorities take capital and investment decisions in line with service objectives and properly take into account stewardship, value for money, prudence, sustainability and affordability.

The Portfolio Member said that the Authority is in a good position with this as the Head of Function (Resources)/Section 151 Officer has, since 2016/17, produced a robust Corporate Strategy to guide the Capital Programme. This strategy has been built upon to include new requirements introduced by the Code which were not covered already.

The Head of Function (Resources)/Section 151 Officer said that the Capital Strategy provides a summary of existing documents in a composite strategy as required by the Code. The Strategy confirms the Authority’s agreed principles for capital expenditure which are based on continuing with the schools’ modernisation programme; investing in the ongoing maintenance of existing assets; maintaining a level of road improvement works annually and supporting projects that attract grant funding and also, projects that generate revenue savings. The Strategy takes account of the potential risks arising particularly with regard to the likely constraints on funding over the next three years and shows how it links in with the Council’s other plans specifically the Council Plan 2017/22; the Treasury Management Strategy Statement and the Medium Term Financial Plan.

It was resolved to approve the following –

•           The Capital Strategy for 2019/20 – 2021/22.

•           The reduction in the amount which qualifies as capital expenditure from a de minimis of £30k to £10k per project to bring the capital de minimis in line with the capital receipts de minimis of £10k.