Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: December 4, 2024

Purpose:

Content: The Executive Mayor and Cabinet RESOLVED, to recommend to Full Council for consideration and approval:   2.1 The Council’s 2024-30 General Fund Capital Programme which includes planned expenditure of £554.3m (including capitalisation directions) across the six year period. This includes expenditure financed through borrowing of £250.7m over the six years, during which time the Minimum Revenue Provision (MRP) “paying down” of the capital financing requirement would be £186.7m. The MRP annual borrowing cost would increase incrementally by an average £2.1m each year over the six years. The cost of this future borrowing will be factored into the Council’s Medium Term Financial Strategy.   2.2 The transformation projects set out in the table at paragraph 4.33 of this report to be included into the 2024-30 General Fund Capital Programme.   2.3 The 2024-30 Housing Revenue Account (HRA) Capital Programme which includes planned expenditure of £394.7m with borrowing of £153.4m.   2.4 The Council’s Capital Strategy, as detailed within Appendix A of this report.   2.5 Note the Council’s historic legacy borrowing and debt burden continues to be critical to the non-sustainability of the Council’s revenue budget. Dialogue with MHCLG continues, and the Council is seeking further financial support from Government in regard to its level of indebtedness to ensure it can deliver sustainable local government services.