Decision details

The Executive considered a report in respect of the final Capital Strategy for 2023/24 – 2028/29.

It was RESOLVED that the following proposals be recommended to Council on 21 February 2024:

1.          That the Revised General Fund Capital Budget for 2024/25 of £33.6Million, as set out in Appendix B to the report, be approved.

2.          That the Draft Housing Revenue Account (HRA) Capital Budget for 2024/25 of £54.9Million, as set out in Appendix C to the report, be approved.

3.          That the updated forecast of resources 2024/25 be approved (set out in the report at Section 4.4 – General Fund, and Section 4.10 – HRA).

4.          That the General Fund capital budget re-profiling of £2.6Million from 2023/24 to future years be approved (as set out in Paragraph 4.1.4 of the report).

5.          That the General Fund capital budget savings (as set out in Paragraphs 4.1.3 and 4.1.5 of the report) be approved.

6.          That the approach to resourcing the General Fund capital programme, as outlined in the report (Paragraph 4.4), be approved.

7.          That the General Fund growth bids identified for inclusion in the Capital Strategy (as set out in Paragraph 4.2 and in Appendix A to the report) be approved.

8.          That the HRA budget increases identified for inclusion in the Capital Strategy (as set out in Section 4.9 and Appendix C to the report) be approved.

9.          That the approach to resourcing the HRA capital programme, as outlined in the report (Paragraph 4.10), be approved.

10.       That HRA capital budget re-profiling of £1.45Million from 2023/24 to future years be approved (as set out in Paragraph 4.9.3 of the report).

11.       That the HRA growth bid (IT £21,000) identified for inclusion in the Capital Strategy (as set out in Paragraph 4.9.4 of the report) be approved.

12.       That the 2024/25 de-minimis expenditure limit (set out in Section 4.11 of the report) be increased from £7,500 to £9,999.

13.       That up to £500,000 of any revenue surplus in any year can be allocated to the capital reserve to support capital expenditure be approved.

14.       That the comments from Overview and Scrutiny Committee, as set out in Paragraph 4.13.4 of the report, be noted.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.