Issue - meetings

Report of the Cabinet Member for Finance and Corporate Services detailing the General Fund Capital Programme 2024/25 to 2029/30.

Report of the Cabinet Member for Finance and Corporate Services detailing the General Fund Capital Programme 2024/25 to 2029/30.

This report sets out the capital strategy for the coming 5 years, building on the following financial strategy, also set out in the Medium Term Financial Strategy.

We will invest with purpose in services and assets to improve residents' lives whilst growing the city and ensuring financial sustainability for the council.

Our focus will be on:

•  reducing demand by boosting early intervention and strengths-based practice across all services;

•  increasing productivity & growth of the city;

•  creating market opportunities;

•  using minimal modern and fit for purpose council assets;

•  provide high-performing, mid cost services; and

•  foster a diverse economy; and

•  actively engage residents in the delivery process.

The MTFS provides the strategic financial framework within which financial stability can be achieved and sustained in the medium term to deliver the council’s key strategic priorities and services. The focus this year has been to address the budget deficit through the transformation programme and put the council back on a sounder financial footing.

The capital strategy forms a significant part of this plan, and changes in the overall General Fund (GF) Capital Programme for the period of 2024/25 to 2029/30 have been made to help deliver this strategy. The net result of the changes since the previous report is an increase to the General Fund programme of £105.91M over the next five years.  Significant additions include

•  schools (£14.0M),

•  transport (£9.4M),

•  highways (£10.4M)

•  heritage assets (£6.9M).

•  uplifts to the outdoor leisure centre (£6.3M)

•  and the introduction of the investment fund - Revolving Regeneration Fund (£32.0M) to drive increases in council tax and business rates bases.

Further details were provided in the body of the report.  Significant parts of the programme were funded from government capital grants alongside the use of council capital resources and borrowing.

The recommendations therein, were moved by Councillor Letts and seconded by Councillor Fielker.

UPON BEING PUT TO THE VOTE THE EXECUTIVE’S BUDGET PROPOSALS WERE DECLARED CARRIED

RESOLVED that the General Fund and Capital Programme 2024/25 to 2029/30, be approved as detailed in the report recommendations.

NOTE – FOR THE SUBSTANTIVE MOTION: Councillors Allen, Barnes-Andrews, Blatchford, Bogle, Bunday, Cooper, Cox, Denness, Evemy, Fielker, Finn, A Frampton, Y Frampton, Goodfellow, Greenhalgh, Kataria, Kenny, Keogh, C Lambert, G Lambert, Leggett, Letts, McCreanor, McManus, Noon, Payne, Rayment, Savage, Shields, Webb, Whitbread, Windle and Winning.

NOTE – AGAINST THE SUBSTANTIVE MOTION: Councillors J Baillie, P Baillie, Barbour, Beaurain, Blackman, Chapman, Galton, Gravatt, Harwood, Laurent, Moulton, Percival, Stead and Wood.

To consider the report of the Cabinet Member for Finance and Corporate Services detailing the General Fund Capital Programme 2024/25 to 2029/30.

Decision made: (CAB 24/25 47849)

On consideration of the report of the Cabinet Member for Finance and Corporate Services, Cabinet approved the following:

To recommended to Council:

i)  The Capital Strategy, as detailed in Appendix 1.

ii)  The Minimum Revenue Provision (MRP) Strategy as detailed in Appendix 2.

iii)  The Non-Treasury Investment Strategy as detailed in Appendix 3.

iv)  The Treasury Management Strategy as detailed in Appendix 4. The revised fully funded General Fund Capital Programme, that totals £312.92M (as detailed in paragraphs 15 and16) and the associated use of resources. The Housing Revenue Account capital programme is set out elsewhere on the agenda.

v)  The addition and spend of £105.75M to the General Fund programme. These additions are detailed in paragraphs 25 to 53 and Appendix 5.

vi)  The removal of schemes from the capital programme totalling £0.06M, set out in paragraph 39 and detailed in Appendix 5.

vii)  The Flexible Use of Capital Receipts Strategy as detailed in Appendix 7.