Issue - meetings

Capital Strategy 2022/23

Meeting: 14/02/2022 - Policy Committee (Item 74)

74 Capital Strategy 2022/23 pdf icon PDF 210 KB

This report sets out the Draft Capital Strategy 2022/23 for recommendation to Full Council.

Additional documents:

Minutes:

(Items 73-75 were considered together for recommendation to the full Council meeting on 23 February 2022.)

 

The Director of Finance submitted a report setting out for recommendation to full Council the draft Capital Strategy 2022/23, which was attached to the report at Appendix 1.

 

The report noted that the CIPFA 2017 Prudential and Treasury Management Code required the Council to prepare a Capital Strategy report which set out the Council’s capital requirements arising from policy objectives, as well as the associated governance procedures and risk appetite of the Council.  The Strategy provided an overview of how capital expenditure, capital financing and treasury management activity contributed to the provision of services; along with an overview of how associated risk was managed and the implications for future financial sustainability.  It showed how revenue, capital and balance sheet planning were integrated and set out, among other things, the Council’s approach to asset management planning, development and monitoring of the Capital Programme.  Appendix A to the Strategy set out a prioritisation matrix for new capital schemes.

 

The report explained that this year the Capital Strategy had been subject to relatively minor updates to reflect the latest position consistent with the Medium-Term Financial Strategy, and that the proposed Action Plan, which was set out at Appendix C to the Strategy, had been refreshed.  The Plan identified the areas of ongoing work required for the Council to remain compliant with the CIPFA code requirements and reported progress against outstanding actions with revised target completion dates.

 

Resolved –

 

(1)      That the adoption of the Capital Strategy attached at Appendix 1 be recommended to full Council;

 

(2)      That the updated Action Plan set out at Appendix C of the Capital Strategy, together with the associated financial implications, be noted.