The Lead Member for Corporate Services introduced the report and updated the Executive that the recommendations had been supported by the Corporate Services Policy Advisory Committee.

In response to questions, the Director of Finance, Resources and Business Improvement confirmed that the funding guarantee did not form part of the Capital Programme and therefore any change to the use of the funding would not cause an impact on the figures presented in the report.

RESOLVED: That

1.  The capital strategy principles set out in paragraph 2.6 be agreed;

2.  The capital funding projection set out in Appendix 2 to the report be agreed;

3.  The capital programme 2023/24 onwards as set out in Appendix 3 to the report be agreed;

4.  In agreeing Appendices 2 and 3, a prudential borrowing limit of £193.6 million over the period of the programme which will be recommended to Council as part of the Treasury Management Strategy 2023/24 be noted.

See Record of Decision.

The Lead Member for Corporate Services introduced the report, which outlined the framework for the proposed Capital Programme over the next five years and had been produced in accordance with the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code. Each of the programme’s projects would be subject to an appraisal, to ensure its viability.

In response to questions, the Director of Finance, Resources and Business Improvement stated that the £1.5 million in funding allocated for Lockmeadow was for ongoing investment as required, with the example given being any works required to secure tenants to available units, with the rental income generated to be used in recuperating the costs of the works. The funding set aside for the Heathlands development was subject to the site being allocated as part of the ongoing Local Plan Review, with the funding for the project to be reviewed annually as part of the Capital Programme.

In response to further questions, the Director of Finance, Resources and Business Improvement explained that the £5.3 million allocated for Biodiversity and Climate Change was for a variety of projects, including making Council owned buildings more energy efficient. The Infrastructure Delivery funding would be used to support capital schemes where possible through the Infrastructure Delivery Plan, as part of the Council’s Local Plan, with an example given being the additional funding being allocated to support Kent County Council in implementing improvement to Junction 7 of the M20.  The Director of Finance, Resources and Business Improvement would inform the Committee of the number of units with Granada House outside of the meeting.

The Committee were informed that the funding allocated within the programme was not for specific projects, but rather to have the framework and funding available to progress with and implement the Capital schemes as required across the next five-year period. The Lead Member for Corporate Services reiterated the importance of ensuring that the Council’s finances were sustainable.

The Committee expressed support for the proposed capital programme, however several Members of the Committee felt that it would been beneficial for more detailed information to be provided, to assist in the programme’s review. The individual projects would be subject to review by the relevant Policy Advisory Committee prior the projects progression.

RESOLVED: That the Executive be recommended to

1.  Agree the Capital Strategy Principles set out in paragraph 2.6 of the report;

2.  Agree the Capital Funding Projection set out in Appendix 2 to the report;

3.  Agree the Capital Programme 2023/24 onwards as set out Appendix 3 to the report; and

4.  Note that in agreeing recommendations 2 and 3, the Executive will set a prudential borrowing limit of £193.6 million over the period of the programme which will be recommended to Council as part of the Treasury Management Strategy 2023/24