The report of the Director of Finance (Document “AW”) presents in Section A the Council’s Capital Investment Plan 2023-24 to 2026-27. Section B presents an updated Capital Strategy for 2023-24. This strategy underpins the spending proposals within the Capital Investment Plan.  Section C presents the Investment Strategy for 2023-24.

Recommended -

(1)       That the Executive are asked to note the contents of the report and to have regard to the information contained within Document “AW” when considering the recommendations to make to Council on the Capital Investment Plan for 2023-24.

(2)       That the updated Capital Plan for 2023-27, be approved; (Appendix A). Commitments against reserve schemes and contingencies can only be made after a business case has been assessed by the Project Appraisal Group and approved by Executive.

(3)       That Specific approval be given for the following schemes to commence following a detailed review by the Project Appraisal Group:

·         The 2023-24 Property Programme has a proposed total cost of £4m and this will be funded by corporate borrowing.

·         IT software – three schemes are planned to improve IT security. The cost of the capital spend is £0.965m and it will be funded by corporate borrowing.

In addition:

·         £6m from Reserve schemes for SEND provision across the district funded by corporate borrowing. It will be used to complete a number of SEND expansions across both the mainstream school sector and SEND schools. The budget is required to allow for the development of up to three proposed schemes. Once the initial design and development works have been completed, the necessary statutory processes will commence, including approval from Executive and an update will be provided to the Project Appraisal Group.

·         The utilisation of the Inflation Contingency as set out in the report be delegated to the Strategic Director of Corporate Resources. The additional costs will be funded through corporate borrowing.

(4)       That the amendment to the 2022-23 Minimum Revenue Provision Policy and the proposed 2023-24 MRP policy set out in Appendix 2 is approved.

(5)       That delegated authority is given to Section 151 Officer to repay debt on an annuity basis, for chosen properties purchased during or after 2018-19. Delegated authority could only be exercised if two conditions are met:

                        1. the asset retains or increases its value;

        2. the return from the capital scheme is sufficient to repay the capital sum invested.

(6)       That the Capital Strategy (including Prudential Indicators), set out at Appendix 3, be approved.

(7)       That the Flexible Use of Capital Receipts Strategy as presented at Appendix 4 - is recommended to the Executive to:

·         Approve the Flexible use of Capital Receipts policy for 2022-23 and 2023-24 as outlined in Appendix 4 section 2.2.

·         Delegate powers to the Section 151 office in consultation with the Leader to vary the values outlined in Appendix 4 section 2.2 subject to the value of Capital receipts achieved in 2023-24, whilst ensuring compliance with the Direction from DHLUC outlined in section 2.1.

Overview and Scrutiny Committee: Corporate

                                                                        (Lynsey Simenton – 01274 434232)

The report of the Director of Finance (Document “AW”) presented in Section A the Council’s Capital Investment Plan 2023-24 to 2026-27. Section B presented an updated Capital Strategy for 2023-24. The strategy underpinned the spending proposals within the Capital Investment Plan.  Section C presented the Investment Strategy for 2023-24.

Resolved –

Executive is asked to approve the following recommendations to Council:

(1)      That the Executive are asked to note the contents of the report and to have regard to the information contained within Document “AW” when considering the recommendations to make to Council on the Capital Investment Plan for 2023-24.

(2)      That the updated Capital Plan for 2023-27, be approved; (Appendix A to Document “AW”). Commitments against reserve schemes and contingencies can only be made after a business case has been assessed by the Project Appraisal Group and approved by Executive.

(3)      That Specific approval be given for the following schemes to commence following a detailed review by the Project Appraisal Group:

·       The 2023-24 Property Programme has a proposed total cost of £4m and this will be funded by corporate borrowing.

·         IT software – three schemes are planned to improve IT security. The cost of the capital spend is £0.965m and it will be funded by corporate borrowing.

In addition:

·         £6m from Reserve schemes for SEND provision across the district funded by corporate borrowing. It will be used to complete a number of SEND expansions across both the mainstream school sector and SEND schools. The budget is required to allow for the development of up to three proposed schemes. Once the initial design and development works have been completed, the necessary statutory processes will commence, including approval from Executive and an update will be provided to the Project Appraisal Group.

·       The utilisation of the Inflation Contingency as set out in the report be delegated to the Strategic Director of Corporate Resources. The additional costs will be funded through corporate borrowing.

(4)      That the amendment to the 2022-23 Minimum Revenue Provision Policy and the proposed 2023-24 MRP policy set out in Appendix 2 to Document “AW” is approved.

(5)      That delegated authority is given to Section 151 Officer to repay debt on an annuity basis, for chosen properties purchased during or after 2018-19. Delegated authority could only be exercised if two conditions are met:

                        1. the asset retains or increases its value;

         2. the return from the capital scheme is sufficient to repay the capital sum invested.

(6)      That the Capital Strategy (including Prudential Indicators), set out at Appendix 3 to Document “AW”, be approved.

(7)      That the Flexible Use of Capital Receipts Strategy as presented at Appendix 4 to Document “AW” - is recommended to the Executive to:

·        Approve the Flexible use of Capital Receipts policy for 2022-23 and 2023-24 as outlined in Appendix 4 section 2.2 of Document “AW”.

·        Delegate powers to the Section 151 officer in consultation with the Leader to vary the values outlined in Appendix 4 section 2.2 of Document “AW” subject to the value of Capital receipts achieved in 2023-24, whilst ensuring compliance with the Direction from DHLUC outlined in section 2.1. of Document “AW”.

Overview and Scrutiny Committee: Corporate

Action:  Director of Finance