Issue - meetings

Cabinet, at its meeting on 16 February 2024, will consider the attached report of the head of finance on the council’s capital strategy for 2024/25 to 2033/34.   

Cabinet’s recommendations will be circulated to all members prior to the Council meeting.

Council considered Cabinet’s recommendations made at its meeting on 16 February 2024 on the capital strategy for 2024/25 to 2033/34.

Councillor Crawford, Cabinet member for finance, reported that the strategy would provide the parameters within which capital expenditure and investment decisions would be made once the supporting requirements were in place. Key changes to the strategy were:

·       Amendments to the Investment strategy (Section 5), including removal of the commercial investments category, in line with the latest CIPFA Prudential code and Public Works Loans Board lending requirements.

·       Capital expenditure de minimis level note added to section 4

RESOLVED: to

1. approve the capital strategy 2024/25 to 2033/34, as set out in appendix 1 of the head of finance’s report to Cabinet on 16 February 2024; and

2. agree the strategy for flexible use of capital receipts, which is contained as annex 1 of the capital strategy.

3. authorise the head of finance, in consultation with the Cabinet member for finance, to make minor changes to the capital strategy

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report, which proposed the capital strategy for 2024/25 to 2033/34.  The strategy outlined the council’s approach to capital spending, based on the council’s corporate strategy, and was linked to the council’s corporate objectives, the medium-term financial strategy, and the management of its projects and programmes.

This year, the key changes to the strategy included:

·       amendments to the Investment Strategy (section 5), including removal of the commercial investments category, in line with the latest Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code and the Public Works Loans Board’s lending requirements; and

·       a capital expenditure de-minimis level note added to section 4.

The Cabinet member reported that during the 2024/25 financial year, officers would revisit the depreciation rates of the council’s assets. 

Cabinet supported the proposed strategy for recommendation to Council for approval. 

RECOMMENDED to Council to:

(a)       approve the capital strategy 2024/25 to 2033/34, as set out in Appendix 1 of the head of finance’s report to Cabinet on 16 February 2024;

(b)       agree the strategy for flexible use of capital receipts, as set out in Annex 1 of the capital strategy; and

(c)        authorise the head of finance, in consultation with the Cabinet member for finance, to make minor changes to the capital strategy.