Purpose

To
recommend to Council for approval the revised capital investment
budget and capital strategy for 2024/25 onwards.
 

Decision

That: Cabinet
 
(A) 
Recommends the following to
Council
                 
I.          
To approve the revised capital programme
for 2024/25 attached at appendix C; and
               
II.          
Approve the capital strategy at appendix
D.
(B) 
For (i) the
land assets listed in paragraph 14 of this Report and (ii) all
further small land assets or building with an individual valuation
of £500k and under, delegates:
                 
i.          
to the section 151 officer to undertake
an options analysis in relation to each land asset;
and
               
ii.          
to the Cabinet Member for Community
Services & Assets to consider the options and decide whether to
retain or dispose of each land asset in each case to ensure that
the Council maximises the capital receipt for the land asset or
that the decision aligns with the Councils strategic priorities or
functions
 

Alternative options considered

1.               
It is open to Cabinet to recommend alternative
capital investment options to Council. No alternative options have
been brought forward to date and suggestions would require review
and assessment, in line with those completed on the options
presented in this report. In addition, as an amendment to proposals
put forward by Cabinet, any amendment would either require the
consent of the Leader of the Council or further consideration by
Cabinet, and scrutiny, before a decision could be taken in
accordance with budget and policy framework rules.
2.               
A capital strategy is required in accordance with
the statutory guidance issued by Chartered Institute of Public
Finance and Accountancy (CIPFA), there is discretion on content of
the strategy but we have applied the guidelines within the
draft.
3.               
It is open for Cabinet not to approve the disposal
and review of corporate assets although maintenance of the land has
a revenue burden and means the council will not benefit from a
capital receipt to fund other capital works in line with the county
plan.