Agenda item

Report of the Chief Officers Executive.

Pursuant to Minute C94(2), the Leader introduced the report of the Chief Officers Executive (previously circulated)setting out the Council’s proposed Capital Strategy for 2020/21 incorporating the capital programme priorities.

The submitted report stated that the revised Prudential Code and Capital Finance in Local Authorities 2017 required every Council to publish a Capital Strategy and to review it on an annual basis; the Council published its first strategy in 2019/20; the Strategy was an evolving document which would grow over time; this year the Capital Programme (also previously circulated) had been added for approval; and that the Capital Programme included the current agreed programme and proposed priorities for investment.

It was reported that the Strategy provided an overview of how capital expenditure and financing plans were decided upon; provided the framework for the development, management and monitoring of the Council’s capital investment plans; focused on core principles that underpinned the Council’s four-year capital programme and governance framework which was in place; the Strategy maintained a strong and current link to the Council’s priorities and its key strategy documents such as the Treasury Management Strategy, Medium Term Financial Plan and Council Plan; and that no feedback had been received during the consultation period.

RESOLVED - That it be recommended to the special meeting of Council scheduled to be held on 20 February 2020, that:-

(a)    the Capital Strategy for 2020/21 to 2023/24, as detailed at Appendix 1 of the submitted report, be approved; and

(b)    the Capital Programme, as detailed at Appendix 2 of the submitted report, with priorities summarised in Annex A of the submitted report, be approved.

REASONS - (a)  To ensure the Council adopts the Prudential Code for Capital Finance 2017.

(b)  To enable the Council to invest in its assets.

(c)  The Strategy is approved by Council.