Issue - meetings

1.  The report, including a total rephasing of £565k from 2022/23 into future years, be noted and a revised capital programme be agreed.

2.  The Capital Strategy for 2023/24 to 2026/27 be agreed including the following amendments to the capital programme:

(i)  Adjustments identified as part of the capital monitoring process totalling a net reduction of £14,825k

  (ii)  An increase of £74,801k in relation to new schemes which will be added to the Capital Programme

3.  The refinancing of the Council’s existing Housing Schemes through external borrowing of £49.2M via the Public Works Loan Board be approved.

4.  The use of up to £10M from the Council’s earmarked revenue reserves to support funding of the Council’s capital programme be approved.

5.  It be agreed that all new and existing Housing Schemes should be funded by long-term borrowing.

Report FSD23001

The report incorporated the Council’s new Capital Strategy and Capital Programme for 2023/24 to 2026/27.  It also summarised the current position on capital expenditure and receipts following the conclusion of the third quarter monitoring exercise.

The report included details of the new schemes that would be added to the Capital Programme and information concerning the proposed asset disposals that would be used to generate capital receipts and ultimately contribute towards the funding of the Capital Programme.

Also included were details of the related Capital Financing implications, including proposals to refinance current housing schemes through borrowing, utilisation of revenue reserves to address the shortfall in capital resources for 2023/24 onwards and details of how these proposals would impact the Council’s revenue budget.

The report had been scrutinised by the Executive, Resources and Contracts

PDS Committee on 16th January 2023 and the Committee had supported the recommendations.

RESOLVED: That

1.  The report, including a total rephasing of £565k from 2022/23 into future years, be noted and a revised capital programme be agreed.

2.  The Capital Strategy for 2023/24 to 2026/27 be agreed including the following amendments to the capital programme:

(i)  Adjustments identified as part of the capital monitoring process totalling a net reduction of £14,825k

  (ii)  An increase of £74,801k in relation to new schemes which will be added to the Capital Programme

3.  The refinancing of the Council’s existing Housing Schemes through external borrowing of £49.2M via the Public Works Loan Board be approved.

4.  The use of up to £10M from the Council’s earmarked revenue reserves to support funding of the Council’s capital programme be approved.

5.  It be agreed that all new and existing Housing Schemes should be funded by long-term borrowing.