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 2020/21 (also previously circulated), incorporating the capital programme priorities for approval.
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; Council published its first strategy in 2019/20; and that this year the Capital Programme (also previously circulated) had been added 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 capital investment plans; focused on core principles that underpinned the Council’s four-year capital programme and governance framework which was in place; and stated that 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.
RESOLVED – (a) That the Capital Strategy for 2020/21 to 2023/24, as detailed at Appendix 1 to the submitted report, be approved, for consultation.
(b) That the Capital Programme, as detailed at Appendix 2 to the submitted report, be approved, for consultation.
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.