Decision Maker: Cabinet
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: Yes
1.1 To update on the Council’s Capital
Programme 2023/24, which is now £118.361m as described in
1.2 To outline the Council’s proposed Capital Programme 2024/25 to 2028/29, as a basis for consultation (Section 5.2).
1.3 To outline to Members’ the risks of borrowing to finance the Capital Programme and its long term impacts on the longer term financial sustainability of the Council and Treasury Management Strategy (TMS), as discussed in section 5.3.
1.4 Some of the assumed external funding included in the programme is still subject to clarification from Government and other sources and in some cases may involve bids for funds. It is therefore recommended that all approvals are subject to confirmation of funding allocations.
Consideration was given to a report of the Cabinet Member for Finance and Corporate / Director of Corporate Services that provided an update in relation to the Council’s Capital Programme 2024/25 to 2028/29.
Reason for decision
Cabinet was required to recommend a balanced 2024/25 Revenue Budget to Budget Council, and provisional budgets for 2025/26 to 2026/27.
The Council was required to set a balanced budget for 2024/25 by 11th March 2024. The Capital Programme was a key element of the budget setting process.
The Council was legally obliged to set a balanced budget. The budget setting process was complex and must be undertaken in a planned way. It was equally important that assumptions used in the preparation of the budget were agreed, reasonable and consistently applied by all services.
A number of alternative elements of the Capital Programme had been considered in the development of the programme, the one which was presented was of the most strategic/community value and was aligned with the Council’s priorities, and therefore formed the basis for consultation, on the understanding that any alternatives offered during the process would be considered.
Report author: Yvonne Dunease
Publication date: 29/11/2023
Date of decision: 28/11/2023
Decided at meeting: 28/11/2023 - Cabinet
Effective from: 07/12/2023