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 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 Capital Strategy summarised the Council’s approved capital programme for 2023/24 and beyond, totalling £267.103million. It identified the sources of funding for capital expenditure and the opportunities for future funding. It also discussed the capital investment required to deliver the Council’s aims as laid out in the Council Strategy.
The Cabinet agreed the Capital Strategy, which set out the Council’s priorities for capital investment and provided a framework for formulating the capital programme, for approval by Full Council on 29 February 2024.
The Capital Strategy sets out how the Council sets its priorities for capital investment and the process for formulating the capital programme. It was therefore an important part of the framework underpinning the budget setting process.