This report sets out the Capital Strategy 2024/25 for recommendation to Full Council.

The Committee received a report setting out for recommendation to Council the draft Capital Strategy 2024/25, which was attached to the report at Appendix 1.

The report noted that the Chartered Institute of Public Finance and Accountancy (CIPFA) Prudential for Capital Finance in Local Authorities 2021 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. 

The figures in the various tables, most particularly the Capital Programme itself had been updated to reflect the latest position consistent with the MTFS report (Minute 53 above refers).  The Action Plan at Annex C to the Capital Strategy had been refreshed and the Director of Finance would keep this under review during the year and bring forward any changes that may be required.  Also, the Terms of Reference for the Capital Programme Board, introduced in December 2022 to increase oversight of the Capital Programme and its delivery, were included at Annex B.

Progress against actions still outstanding were reported on the face of the Action Plan along with revised target completion dates.  The progress against the Action Plan had not been what was anticipated when set.  However, a number of significant steps forward had been made, including strengthening staffing arrangements in the Directorate of Economy, Growth and Neighbourhood Services, especially within Property and Asset Management.  The Capital Programme Board under the leadership of the Director of Finance had been established to drive improved programming and delivery.

Items 53-55 were considered together for recommendation to the Council meeting on 27 February 2024.

Resolved –

(1)          That the Council be recommended to adopt the Capital Strategy as attached at Appendix 1 to the report;

(2)          That the updated Action Plan at Annex C of the Capital Strategy (Appendix 1), together with the associated financial implications, be noted.