Agenda item

The Cabinet agreed to recommend the following to full Council:

(a)  The General Fund capital programme 2021/22 to 2023/24 of £147.557m and the associated Minimum Revenue Provision.

(b)  The Housing Revenue Account (HRA) capital programme 2021/22 to 2023/24 of £161.743m, including £147.248m for Affordable Housing schemes.

(c)  The principles underpinning the capital programme in paragraph 5.1.2 of the report and the Minimum Revenue Provision principles in Section 7.

(d)  The notional funding allocations for individual schemes as highlighted in Appendix A of the report (General Fund), Appendices B and C (HRA and Affordable Housing) for the period 2020-2024.

(e)  The Prudential Indicators, as set out in Section 6 of the report, and the Operational Boundary and Authorised Limit as set out in Tables 1.7 and 1.8. in order to provide increased flexibility to fund the Council’s Capital Expenditure plans.

The Cabinet noted:

(f)  The estimated interest costs of borrowing £119.4m to fund the entire capital programme, assuming an interest cost of 1%, excluding the Minimum Revenue Provision, was £1.194m pa. These costs had been included within the Medium Term Financial Strategy.

(g)  The Council would withdraw from its reliance on using capital receipts to fund the Minimum Revenue Provision over the lifetime of this capital programme. The revenue impact of the decision resulted in a £6.573m pressure by 2023/24. These costs had been included within the Medium Term Financial Strategy.

(h)  The Capital cashflow forecast in Appendix D to the report.

The Cabinet received the report on the Capital Strategy and Capital Programme 2021/22 to 2023/24.  It was noted that the programme continued the Community Investment Fund for a further year and included a wide range of affordable housing and regeneration schemes in the town in the coming years.

Lead Members had considered the capital programme during the previous item on the MTFS and agreed the formal resolutions to recommend the programme to Council on 8^th March 2021.

Recommended –

(a)  That he General Fund capital programme 2021/22 to 2023/24 of £147.557m and the associated Minimum Revenue Provision be approved.

(b)  That the Housing Revenue Account (HRA) capital programme 2021/22 to 2023/24 of £161.743m, including £147.248m for Affordable Housing schemes be approved.

(c)  That the principles underpinning the capital programme in paragraph 5.1.2 of the report and the Minimum Revenue Provision principles in Section 7 of the report be approved.

(d)  That the notional funding allocations for individual schemes as highlighted in Appendix A of the report (General Fund), Appendices B and C (HRA and Affordable Housing) for the period 2020-2024 be approved.

(e)  That the Prudential Indicators, as set out in Section 6 of the report, and the Operational Boundary and Authorised Limit as set out in Tables 1.7 and 1.8. in order to provide increased flexibility to fund the Council’s Capital Expenditure plans be approved.

Resolved –

(f)  That it be noted that the estimated interest costs of borrowing £119.4m to fund the entire capital programme, assuming an interest cost of 1%, excluding the Minimum Revenue Provision, was £1.194m pa. These costs had been included within the Medium Term Financial Strategy.

(g)  That the Council would withdraw from its reliance on using capital receipts to fund the Minimum Revenue Provision over the lifetime of this capital programme. The revenue impact of the decision resulted in a £6.573m pressure by 2023/24. These costs had been included within the Medium Term Financial Strategy.

(h)  That the Capital cashflow forecast in Appendix D to the report be noted.