Issue - meetings

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

It was resolved to endorse and to recommend the Capital Strategy 2023/24 to the Full Council.

The report of the Director of Function (Resources)/Section 151 Officer incorporating the Capital Strategy 2023/24 including the proposed Capital Programme for 2023/24 was presented for the Executive’s consideration.

Councillor Robin Williams, Portfolio Member for Finance, Corporate Business and Customer Experience in presenting the report said that under the revised CIPFA Prudential Code (September 2017) local authorities are required to produce a capital strategy which sets 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, sustainability and affordability.

The Director of Function (Resources)/Section 151 Officer advised that the Capital Strategy is  linked to a number of other key plans and strategies as noted in the report some of which have yet to be approved; this being so the capital strategy being presented is an interim strategy. Further work will be undertaken during 2023/24 to complete and approve those plans and to assess their impact on the capital strategy in the longer term after which a revised and updated capital strategy will be presented to the Executive prior to the commencement of the 2024/25 financial year. 

It was resolved to endorse and to recommend the Capital Strategy 2023/24 to the Full Council.