Purpose

The report provides the Executive
with details of the capital and treasury management outturn for 2023/24 to comply
with the reporting requirements of the Code of Practice for Treasury
Management.  The report also seeks
approval for the proposed methods of financing the General Fund capital
programme.

 

Actual capital expenditure on
General Fund schemes in 2023/24 was £31,202,178 (£6.2 million in 2022/23)
compared with the revised capital programme of £36,996,700.  The overall variance was £5,794,522. A
detailed analysis of the variations is given in Appendix A to the report.

 

Total savings from individual
projects of £281,780 were achieved, additional expenditure of £58,989 on others
was incurred and a total of £5,571,731 will be carried forward into 2024/25.
Details of the various methods used to finance this expenditure are set out in
this report.

 

In addition, a new capital scheme
budget of £281,000 is requested for a new filtration system at Holly Hill
Leisure Centre.

 

Full details of Treasury
Management investment and borrowing activity in 2023/24 are also set out in
this report and is summarised below:

 

 


31 March 2023
Actual
£’000


2023/24
Movement
£’000


31 March 2024
Actual
£’000




Total borrowing


61,336


3,253


64,589




Total investments


(24,832)


11,244


(13,588)




Net borrowing


36,504


14,497


51,001

 

Net interest received from investments
in 2023/24 was £701,320 (£879,854 in 2022/23) and net interest paid on
borrowing for the HRA was £1,906,955 (£1,670,992 in 2022/23).

 

The overall investment property
portfolio decreased in value by £3.55 million and contracted income was approximately
£4,500,000.

 

During 2023/24, the Council
complied with its legislative and regulatory requirements of the Prudential
Code.

Decision

RESOLVED that the Executive:

 

(a)  approves
that the General Fund capital programme for 2023/24 be financed as set out in
the report;

 

(b)  agrees
that the additional expenditure incurred, amounting to £58,989 be financed retrospectively
from unallocated capital resources;

 

(c)  agrees
to add £281,000 to the capital programme for a new filtration system at Holly
Hill Leisure Centre with the unfunded element of £64,325 to be funded from
capital reserves; and

 

(d)  notes
the treasury management activity for 2023/24.