This report presented the Capital Strategy, which set out the Council’s priorities for capital investment to deliver its strategic aims and the process for formulating the capital programme.
The Capital Strategy was attached at Appendix 1 to the report and had been prepared with regard to the updated Chartered Institute of Public Finance and Accountancy (CIPFA) Prudential Code. It sought to detail the framework within which decisions were made in respect of capital expenditure and funding, and the principles to which the Council adhered, in the context of the current capital budget.
The Cabinet agreed the Capital Strategy, setting out the Council’s priorities for capital investment and providing a framework for formulating the capital programme for approval by Full Council in February.
The Capital Strategy sets out how the Council sets its priorities for capital investment and the process for formulating the capital programme. It is therefore an important part of the framework underpinning the budget setting process.