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 2024 – 2029  to the Full Council.

The report of the Director of Function (Resources)/Section 151 Officer  incorporating the Capital Strategy 2024 - 2029 was presented for the Executive’s consideration.

Councillor Robin Williams, Deputy Leader and Portfolio Member for Finance reported that the revised CIPFA Prudential Code (September 2017) introduced the requirement that all authorities must produce a capital strategy.  This must set out the long-term context in which capital expenditure and investment decisions are made.  The requirement is aimed at ensuring that authorities take capital and investment decisions in line with the service objectives, and properly take into account stewardship, value for money, prudence, 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.  He said that there is a gap between the Council’s capital requirement to modernise and upgrade existing assets and to deliver on its corporate priorities is in excess of £300m over the next 5 years.   The minimum funding available through supported borrowing and the general capital grants is insufficient to fund the minimum required to maintain the Council’s existing assets to a level that allows the safe and effective operation of those assets.  The level of borrowing would be unsustainable due to financial situation and high interest rates.

It was RESOLVED to endorse and to recommend the Capital Strategy 2024 – 2029  to the Full Council.