Issue - meetings

To receive and consider the attached report from Cabinet held on 8 March (recommendation to follow)

Council Agenda Item 9 (Cabinet minute 32)

Capital Strategy 2022/23-2031/32

The recommendations within this report were approved unopposed.

It was therefore RESOLVED

1.             That Part I of the Capital Strategy (Capital Expenditure and Aspirations) be approved including:

i.               The Short / Medium / Long-term Aspirations set out in Appendix 1.

2.             That Part II of the Capital Strategy (Borrowing and Investing) be approved including:

i.               The Minimum Revenue Provision (MRP) for Debt Repayment Policy (Part II, (paragraph 2.5)

ii.             The investment indicators in Part II - Appendix 2 (Part II, paragraph 3.5)

iii.            That the Director of Finance and Resources (Section 151 Officer) will bring a report to the next Cabinet and City Council if (Part II, paragraph 3.5):

 A). The Council's gross General Fund (GF) debt exceeds 500% of GF net service expenditure or;

 B) Overall investment income from investment properties and long term treasury management investments exceeds 7.5% of GF net service expenditure.

Purpose

To:

·       Enable the City Council to adopt a long term Capital Strategy from 2022/23 onwards.

·       Inform members and the wider community of the Council's Capital Strategy.

·       Ensure that Members are aware of the overall strategy, governance procedures and risk appetite.

·       Highlight the inter-relationship between business planning the Capital Strategy, Capital Programme, the Revenue budget, the Medium Term Financial Strategy and Treasury Management.

·       Ensure the council has sufficient liquidity to meet the cashflow arising from the capital programme.

RecommenDED

1.    That Part I of the Capital Strategy (Capital Expenditure and Aspirations) be approved including:

a)   The Short / Medium / Long-term Aspirations set out in Appendix 1.

2.    That Part II of the Capital Strategy (Borrowing and Investing) be approved including:

a)   The Minimum Revenue Provision (MRP) for Debt Repayment Policy (Part II, (paragraph 2.5)

b)   The investment indicators in Part II - Appendix 2 (Part II, paragraph 3.5)

c)   That the Director of Finance and Resources (Section 151 Officer) will bring a report to the next Cabinet and City Council if (Part II, paragraph 3.5):

(i)  The Council's gross General Fund (GF) debt exceeds 500% of GF net service expenditure or;

(ii) Overall investment income from investment properties and long term treasury management investments exceeds 7.5% of GF net service expenditure.

1.    That Part I of the Capital Strategy (Capital Expenditure and Aspirations) be approved including:

               i.         The Short / Medium / Long-term Aspirations set out in Appendix 1.

2.    That Part II of the Capital Strategy (Borrowing and Investing) be approved including:

               i.         The Minimum Revenue Provision (MRP) for Debt Repayment Policy (Part II, (paragraph 2.5)

              ii.         The investment indicators in Part II - Appendix 2 (Part II, paragraph 3.5)

             iii.         That the Director of Finance and Resources (Section 151 Officer) will bring a report to the next Cabinet and City Council if (Part II, paragraph 3.5):

a.    The Council's gross General Fund (GF) debt exceeds 500% of GF net service expenditure or;

b.    Overall investment income from investment properties and long term treasury management investments exceeds 7.5% of GF net service expenditure.