Agenda item

Report of the Chief Officers Executive.

The Leader introduced the report of the Chief Officers Executive (previously circulated) requesting that consideration be given to the Council’s proposed Capital Strategy for 2021/22, incorporating the capital programme priorities.

The submitted report stated that the revised Prudential Code for Capital Finance in Local Authorities 2017 required every Council to publish a Capital Strategy and review it on an annual basis; in accordance with those regulations, the Council published its first strategy in 2019/20; the Strategy was an evolving document; and that it incorporated the Capital Programme (also previously circulated) for approval.

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 highlighted the resource streams available in terms of funding to the Council and the risk management approach taken; and it maintained a strong and current link to the Council’s priorities and to its key strategy documents such as the Treasury Management Strategy, Medium Term Financial Plan and the Council Plan.

RESOLVED - That it be recommended to the special meeting of Council scheduled to be held on 18 February 2021, that :-

(a)     the Capital Strategy for 2021/22 to 2024/25, 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.