Decision details

The Authority were asked to consider proposals to update the Capital Strategy approved by the Authority in August 2011 and revise the principles used to guide the Authority’s approach to budgeting for capital expenditure. The Authority were also asked to approve a Capital Programme for the next medium term period, aligned to the current Asset Management Strategy, and the new Corporate Strategy for 2016-2019.

The report also proposed that the delegation to Resources Management Team be amended to include delegation for expenditure on capital projects in line with the report.

In response to questions from Members about the borrowing ceiling it was suggested that the meaning would be clearer if the word “breached” was replaced with “exceeded”.

RESOLVED:

1.         To approve the key principles and working assumptions outlined in paragraphs 7 and 8.

2.         To confirm that the potential projects identified in the Capital Programme in Appendices 2 and 3, and the means of financing them, will form part of an approved Programme for the duration of the Corporate Strategy period up to March 2019.

3.         To delegate authority to the Resources Management Team to consider individual projects set out in Appendix 2, where the project cost is under £150,000, and to determine whether they are supported by either borrowing or the Capital Fund, subject to the Authority’s Prudential Framework Authorised Limit and subject to the Chief Finance Officer’s assessment that future estimated Capital Fund receipts will be achieved and available for allocation.

4.         To confirm that individual projects within Appendix 2 above £150,000 will be brought to the Audit Resources and Performance Committee for approval, subject to the Authorised Limit and subject to the Chief Finance Officer’s assessment that future estimated Capital Fund receipts will be achieved and available for allocation.

5.         That, in accordance with working assumption (4) in this report,  £50,000 from the Capital Fund be earmarked to support capital expenditure which would otherwise be funded from the Revenue Budget, to allow the Authority to allocate £50,000 of Revenue resources to ensure that the disposal programme approved in the Asset Management Plan continues up to March 2019.

6.         To confirm that any other proposals for use of the Capital Fund not identified in Appendix 2 are the subject of a further report to the Audit, Resources and Performance Committee for consideration.