Decision Maker: Cabinet

Outcome: For Determination

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: February 25, 2025

Purpose: To consider the report of the Cabinet Member for Finance and Corporate Services detailing the General Fund Capital Programme 2024/25 to 2029/30.

Content: To recommended to Council:     i)  The Capital Strategy, as detailed in Appendix 1.   ii)  The Minimum Revenue Provision (MRP) Strategy as detailed in Appendix 2.   iii)  The Non-Treasury Investment Strategy as detailed in Appendix 3.   iv)  The Treasury Management Strategy as detailed in Appendix 4.   v)  The revised fully funded General Fund Capital Programme, that totals £312.92M (as detailed in paragraphs 15 and16) and the associated use of resources. The Housing Revenue Account capital programme is set out elsewhere on the agenda.   vi)  The addition and spend of £105.75M to the General Fund programme. These additions are detailed in paragraphs 25 to 53 and Appendix 5.   vii)  The removal of schemes from the capital programme totalling £0.06M, set out in paragraph 39 and detailed in Appendix 5.   viii)  The Flexible Use of Capital Receipts Strategy as detailed in Appendix 7.

Reasons for the decision: 1.  The Constitution requires the Executive to recommend its budget proposals for the forthcoming year to Council to enable the annual setting of council tax. The recommendations contained in this report set out the various elements of the budget that need to be considered by Cabinet and recommended to Full Council for approval. 2.  The Prudential Code for Capital Finance in Local Authorities requires authorities to produce a capital strategy, which Council must also approve. 3.  The Council’s Capital Programme is reviewed on a quarterly basis as part of the review of the Medium Term Financial Strategy and in accordance with the Council’s Capital Strategy. Programme updates are reported to Cabinet and Council for approval. This is to enable new schemes in the programme to proceed and to approve additions and changes to the programme. Major capital projects are delivered over several years so by setting a clear five-year programme, works are scheduled over their estimated delivery period and can be funded accordingly.

Alternative options considered: No alternative options, given the requirements outlined in paragraphs 1 and 2.