Agenda item

To consider the Draft Capital Strategy 2023/24 – 2028/29.

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

It was RESOLVED:

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

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 proposed for consultation purposes.

3.          That the updated forecast of resources 2024/25 be approved, subject to the consultation process (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 in principle.

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 in principle.

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.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.

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

In the absence of the Portfolio Holder for Resources and Transformation, the Chair (Deputy Leader and Portfolio Holder for Housing & Housing Development) advised that the General Fund capital growth bids received had been classified against a number of priorities.  These bids totalled £2.483Million.  Appendix A to the report provided further information on those bids and existing capital schemes that had not been started or committed (totalling £1.081Million). 

The Chair stated that the Council’s Financial Security Group met on 4 January 2024 to review the Capital schemes.  Members agreed to support a programme of schemes totalling £3.564Million.  This programme was fully funded and totalled £33Million, which included £21Millon of regeneration and £17.7Million of Housing Development schemes for the General Fund.

The Chair commented that the report also highlighted capital budget savings in 2023/24 of £1.6Million, and further budgets to be re-phased into future years of £2.619Million.  Section 4.1 of the report provided further information.  The result of this meant that the General Fund capital programme for 2023/24 to 2028/29 totalled £71.68Million.

The Chair explained that report also provided updates on Locality reviews in Section 4.5 of the report and Community Infrastructure Levy and Section 106 in Section 4.6.  The report highlighted the Minimum Revenue Provision position which reflected the amounts the Council had to set aside revenue-wise for the provision of debt repayments.  This was included within the Draft General Fund and Council Tax Setting 2024/25 report elsewhere on the agenda for the meeting.

The Chair advised that the Capital Strategy also included the Housing Revenue Account (HRA) Capital programme in Paragraphs 4.9 of the report (capital expenditure of £261.550Million for 2023/24 to 2028/29) and the funding resources at Section 4.10.  These figures reflected those included within the Housing Revenue Account Final Budget and Rent Setting 2024/25 report elsewhere on the agenda for the meeting.

It was RESOLVED:

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

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 proposed for consultation purposes.

3.          That the updated forecast of resources 2024/25 be approved, subject to the consultation process (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 in principle.

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 in principle.

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.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.