Decision details

Cabinet received a report updating Members on the Capital Strategy for the General Fund and Housing Revenue Account (HRA) including revisions to the 2024/25 programme and the presentation of the final Capital Programme for 2025/26.

The Portfolio Holder for Resources and Transformation advised that the General Fund Capital proposals had increased since the January 2025 Cabinet report which reflected the Garage Improvement Programme along with works for the new Market in Park Place.

It was noted that commentary from the Overview and Scrutiny Committee had been included in the report.

It was RESOLVED that the following proposals be recommended to Council on 26 February 2025:

1.    The final General Fund Capital Budget for 2025/26 of £52Million, as set out in Appendix C to the report, be approved.

2.    Revisions to the 2024/25 General Fund Capital Budget for 2024/25 of £244k, as set out in Appendix C to the report, be approved.

3.    Final HRA Capital Budget for 2025/26 of £51.4Million, as set out in Appendix B to the report, be approved.

4.    Forecast of resources and approach to resourcing the capital programme as outlined in the report (General fund Paragraph 4.4 and HRA paragraph 4.10) be approved.

5.    Final General Fund growth bids identified for inclusion in the Capital Strategy (paragraph 4.2, and Appendix A to the report) be approved.

6.    To enable the use of Community infrastructure levy of up to £5Million, to fund future infrastructure projects as outlined in paragraph 4.6.3. be approved.

7.    The approved capital de-minimis expenditure limit of £10,000 be noted.

8.    The approved revenue surplus in any year of up to £500K that can be allocated to the capital reserve to support capital expenditure be noted.

9.    That the comments from Council Financial Security Group set out in section 4.14 are noted.

Reason for Decision: As contained in the report.
Other Options considered: As contained in the report.