Issue - meetings

Report by the Director of Resources and Deputy Chief Executive to the Strategy and Resources Committee on 5 February 2024 (attached).

Council considered a report by the Director of Resources and Deputy Chief Executive regarding the 10 Year Capital Strategy 2024 to 2034 to the Strategy and Resources Committee on 5 February 2024 (circulated previously).

The Committee considered a report by the Director of Resources and Deputy Chief Executive (circulated previously) regarding the 10 Year Capital Strategy for 2024 to 2034 together with Minute Extract of Strategy and Resources on 5th February 2024.

The Head of Governance outlined the Capital Strategy Years 2024/25 to 2027/28 (Medium Terms), which were detailed in paragraph 4.4 of the report.

He referred to section 4.5 of the report covering the years 2028/29 to 2033/34(Long Term), which detailed the ongoing financial commitments of the Council and highlighted the following points:

·       The total Capital Financing Requirement, or borrowing need, for 2028-29 was projected at £36 million dropped to circa £30 million for year 2033-34.

·       The main area of capital expenditure within the long term forecast which was necessary to maintain business as normal was the Council’s vehicle replacement programme, as the works and recycling fleet had specific asset life cycles.

·       The projected External Borrowing over the long term remained at a high level, reducing from just over £23.5 million to £19.5 million for year 2033-34.

RESOLVED, that the decisions and recommendations of the Strategy and Resources Committee be endorsed.

Report by Head of Governance (attached)

The Committee considered a report by the Head of Governance (circulated previously) regarding the 10 Year Capital Strategy 2024 to 2034.

The Director of Resources and Deputy Chief Executive highlighted the following:

·         The Capital Strategy was a high-level longer term review of the capital priorities, capital investment ambition, available resources, affordability and risk management in the context of ensuring the long-term financial sustainability of this authority. 

·         The report was broken down into two time frames; firstly the medium term and secondly the long term from 2028-29 through to 2033-34.

·         Ongoing financial commitments of the Council were identified in section 4.5 of the report.

·         The total Capital Financing Requirement, or borrowing need, for 2028-29 was projected at just over £36 million and dropped to just over £30 million for year 2033-34.

·         The projected External Borrowing figure was just over £23 million and dropped to just over £19 million for year 2033-34.

RECOMMENDED that Council approve the Capital Strategy 2024/25 to 2033/34.