The report set out proposed changes to the Council’s capital strategy from 2024/25 to 2028/29.

No comments were made.

RESOLVED

1.    That the Corporate Overview and Scrutiny Committee noted the matters set out in this report prior to it being presented to Cabinet on 22 February 2024 and Council on 28 February 2024.

2.    That the Committee noted that Full Council will be asked to agree the following:

(a) approved the revised capital strategy and 5-year capital programme for 2024/25 to 2028/29 as set out in this report.

(b) approve that the capital projects:

? currently “on hold” totalling £119.0 million (see Appendix 2) are not included in the Capital Programme and the associated borrowing of £62.9 million is not required,

? the capital schemes that have not started totalling £3.3 million (see Appendix 4) are also formally confirmed as removed from the capital programme and the associated borrowing of £3.3 million is not required,

? those schemes assessed and considered no longer necessary totalling £60.1 million (see Appendix 5) are confirmed as removed from the capital programme and the associated borrowing of £56.5 million is not required.

(c) approved the proposed financing of the capital programme as set out in Appendix 3.

(d) delegated to the Interim Director of Finance s151 all decisions surrounding the financing of individual items of expenditure within the revised capital programme, in line with the overall capital programme as set out in Appendix 3, in a manner which achieves the most effective use of Council’s resources.

(e) approved that any future changes to the capital programme should be approved by Full Council, whilst ensuring that external funding is able to be used in a timely manner, with any new borrowing requirements subject to Commissioner approval.

(f)  approved that the Capital Programme Board review and receive updates on the action plans put in place to address the further improvements identified in Appendix 7 and to note progress on continued delivery of these improvements.