Agenda item

(a)  That the capital strategy of £285.0m and the Minimum Revenue Provision be approved and Recommended to full Council.

(b)  That it be noted that the notional costs of borrowing for the capital programme to the revenue budget would be an increase of up to £5.5m per annum -commencing during the period of the capital strategy to fund borrowing.

(c)  That the principles underpinning the capital programme as at paragraph 5.1.2 and the Minimum Revenue Provision principles in Section 6 of the report be approved.

(d)  That appendices A and B detailing the capital programmes (subject to these having approved Final Business Cases by the Capital Strategy Board) be approved.

The Director of Finance & Resources introduced a report seeking approval to recommended the Capital Strategy 2018/24 and the capital programme 2018/19 to full Council.  The strategy had been considered by the Overview & Scrutiny Committee and no recommendations or amendments were referred to Cabinet.

The Capital Strategy totalled £285m to 2024 and included investment in a range of projects and schemes including £40.5m to expand local schools; £13.1m on the new leisure centre and other facilities; £75m to improve the Council’s housing stock; £66.7m capital loans to James Elliman Homes to support the housing strategy; and £54m on regeneration schemes including the redevelopment at the Thames Valley University and Old Library sites.  The programme was funded through a mixture of sources including grants, section 106 receipts and borrowing.  The Director confirmed that he was satisfied the programme was affordable and the Council was operating within the appropriate limits.

The Cabinet welcomed the Strategy which would provide significant investment in services and facilities to support the priority outcomes in the Five Year Plan.  It was agreed to recommend approval to full Council on 22^nd February 2018.

Recommended –

(a)  That the capital strategy of £285.0m and the Minimum Revenue Provision be approved and Recommended to full Council.

(b)  That it be noted that the notional costs of borrowing for the capital programme to the revenue budget would be an increase of up to £5.5m per annum -commencing during the period of the capital strategy to fund borrowing.

(c)  That the principles underpinning the capital programme as at paragraph 5.1.2 and the Minimum Revenue Provision principles in Section 6 of the report be approved.

(d)  That appendices A and B detailing the capital programmes (subject to these having approved Final Business Cases by the Capital Strategy Board) be approved.