Decision details

Cabinet received a report introducing the draft Capital Strategy for 2025/26 which was subject to consultation prior to coming back to Cabinet and Council for formal approval in February 2025.

Members noted that the Council’s Financial Security Group had supported new scheme proposals totalling £2.6million which were all fully funded.

It was RESOLVED that

1.               The draft General Fund Capital Budget for 2025/26 of £37Million, as set out in Appendix C to the report, be approved.

2.               The Consultation responses in relation to General Fund proposed growth bids by the Council Financial Security Group (CFSG) 19 November 2024, be considered (section 4.14).

3.               Draft HRA Capital Budget for 2025/26 of £51.3Million, as set out in Appendix B to the report, be approved.

4.               Updated forecast of resources 2025/26 be approved, General Fund section 4.4, HRA section 4.9.

5.               General Fund capital budget virement of £40,000 from the deferred works reserve to fund boiler replacement and hot water systems work at Ridlins be approved (paragraph 4.2.3).

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

7.               General Fund growth bids identified for inclusion in the Capital Strategy (paragraph 4.2, and Appendix A to the report) be approved in principle, including the increase in the deferred works reserve budget of £282K (section 4.2).

8.               Budget for the refitting of the space currently occupied by the indoor market for re-letting and the capital works to make the new indoor market location at Park Place fit for purpose (paragraphs 4.8.1 and 4.8.2) be approved.

9.               Community infrastructure levy of up to £5Million, can be used to fund future infrastructure projects as outlined in paragraph 4.6.1.

10.            HRA budget changes identified for inclusion in the Capital Strategy (section 4.9 and Appendix B to the report) be approved.

11.            Approach to resourcing the HRA capital programme as outlined in the report (Paragraph 4.10) be approved.

12.            The approved capital de-minimis expenditure limit of £10,000 (section 4.11 of the report) be noted; and

13.            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.