Purpose

Cabinet is recommended to agree the Capital
Investment Strategy.

Content

Cabinet:

(1)           
agreed the Capital Investment Strategy 2023/24 – 2033/34,
attached as Appendix 1 to the report;

(2)           
noted that the Strategy will be reviewed and refreshed annually and reported to Cabinet
for approval, supporting its overall Budget setting
process; 

(3)           
agreed the Capital Prioritisation Framework
within the Strategy and that the prioritisation process is managed
by the officer-led Capital Strategy and Asset Management Group
(CSAMG) and Senior Leadership Team
(SLT), ahead of relevant approvals by Cabinet or Portfolio
Lead Members;

(4)           
agreed that no financing sources, unless stipulated in regulations
or necessary agreements, are ringfenced; and

(5)           
noted that
the financing of the capital programme is delegated to the
Strategic Director of Resources to provide sufficient flexibility
to allow for the most effective use of Council
resources. 

 

Options & Alternatives Considered

This Capital Investment Strategy is a requirement of CIPFA’s
Prudential Code, which supports the
council’s strategic financial
planning. As such,
there is no alternative option to be considered. Officers recommend
that this strategy is the best way of meeting these requirements.
Failure to produce a robust Capital Investment Strategy could
result in sub-optimal investment monitoring and outcomes for the
council and the borough.