Issue - meetings

Medium Term Financial Strategy – Capital Programme

Meeting: 24/01/2018 - Policy and Resources Committee (Item 142)

142 Medium Term Financial Strategy – Capital Programme pdf icon PDF 117 KB

Additional documents:

Minutes:

Mr Mark Green, the Director of Finance and Business Improvement, gave a presentation to the Committee outlining the Council’s Capital Programme which was part of the Medium Term Financial Strategy.

 

Mr Green outlined the changes to the Capital Programme contained in the report, which were:

 

·  A new project added for essential safety works to the Mote Park Lake Dam.

·  An expansion to the Commercial Investment programme, as the Council had a strong track record in delivering sustainable investments in Commercial property, for example units on the Parkwood Industrial Estate.

·  Funding of the Capital Programme had previously been possible using the Council’s reserves and New Homes Bonus. However as these funding sources would no longer be sufficient to fund the programme, the Capital Programme was now proposed to be partly funded through Prudential Borrowing after 2019/2020.

The Committee considered the report and requested that further detail be provided about the Software/PC replacement item in the programme. The Committee suggested that a sinking fund be set up for future replacement of IT equipment rather than use the Capital Programme for this purpose in the future.

 

Mr William Cornall, the Director of Regeneration and Place, confirmed that a project considering the redevelopment around the Train Station in Staplehurst was in its early stages. Mr Cornall confirmed that if the project was feasible then it was possible that it could be funded through the regeneration fund within the Capital Programme.

 

Note: Councillor Blackmore arrived during consideration of this item.

 

RESOLVED:

 

1.  The Capital Strategy Principles outlined below are agreed:

 

The Council has developed some core principles for the inclusion of schemes within the capital programme.  Schemes may be included in the capital programme if they fall within one of the four following categories:

 

(i)  Required for statutory reasons, eg to ensure that Council property meets health and safety requirements;

 

(ii)  Self-funding schemes focused on strategic plan priority outcomes;

 

(iii)  Other schemes focused on strategic plan priority outcomes; and

 

(iv)  Other priority schemes which will attract significant external funding.

 

2.  The Capital Funding Projection set out in Appendix B to this report is agreed.

3.  The Capital Programme 2018/19 onwards as set out in Appendix C to this report is agreed.

4.  A prudential borrowing limit of £44,651,000 over the period of the programme which will be recommended to Council as part of the Treasury Management Strategy 2018/19 is noted.

 

Voting:  For - 14  Against - 0  Abstentions - 1