Agenda item

To consider the Council’s proposed Capital Strategy 2023/24 – 2028/29 for onward recommendation to Council.

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.

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

In the absence of the Portfolio Holder for Resources and Transformation, the Deputy Leader advised the General Fund capital proposals were unchanged from the January 2024 report, as were the funding challenges faced by the Council.  The Capital programme, other than those elements funded from third parties, remained very much “fix on fail”.  However, the October 2023 capital report to the Executive outlined a strategy for future proofing the Council’s assets, assets which officers were now striving to implement. 

The Executive noted that the Overview & Scrutiny Committee had considered the report in January 2024 and commentary from the committee had been included in the report. 

The Deputy Leader stated that the Housing Revenue Account Capital programme also remained unchanged, and the spending plans were included in the Final Budget and Rent Setting 2024/25 report that was approved at the Council meeting on 24 January 2024.

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.