To receive and consider the recommendations of the Cabinet meeting held on 5 February (to follow), the report for which is attached.
The purpose of the report by the Director of Financial Services and Section 151 Officer (which is also being considered by full Council on 12 February) is to:
· Summarise the key features of the Capital Strategy approved by the City Council on 4th February 2009 and the revised Capital Investment Priorities of the City Council, approved by City Council on 24th January 2012.
· Highlight the inter-relationship between the capital programme, the revenue budget and the Medium Term Financial Strategy
· Determine the corporate capital resources available including:
o Adjustments for under and overspendings to the existing approved Capital Programme
o Update the capital resources available for all new and changed grants, capital receipts, revenue contributions and other contributions
o The identification of any additional assets which the Administration wishes to declare surplus to requirements
· Seek approval of the overall Capital Programme and "new starts" (including the Housing Investment Capital Programme) for 2019/20 and future years in accordance with the Capital Strategy
· Describe and approve the Prudential Indicators arising from the revised Capital Programme 2018/19 to 2023/24
· Delegate authority to the Section 151 Officer to alter the mix of capital funding to make best use of City Council resources
The recommendations in the report were referred to Council for approval, and are therefore not subject to call-in, but with the following additional recommendations:
12) That the Section 151 Officer, in consultation with the Leader, be given delegated authority to borrow as necessary for the Joint Venture limited liability partnership which is established to deliver the City Centre re-development as described in the report to the Cabinet on 5th February 2019 entitled "City Centre Regeneration"
13) That prior to any borrowing described in Recommendation 12 above, a full business case and financial appraisal is prepared that can satisfactorily demonstrate with good certainty that cost savings / additional income or value uplift of the development which will accrue directly to the Council will at least cover the cost of that borrowing on a sustained basis over the lifetime of the borrowing undertaken