Decision details

2022/23 Capital Investment Budget and Capital Strategy Update

Decision Maker: Cabinet

Decision status: Recommend Forward to Council

Is Key decision?: No

Is subject to call in?: No

Purpose:

To recommend to Council for approval the capital investment budget and capital strategy for

2022/23 onwards.

 

Appendix A provides details of the proposed additions to the existing capital programme that have been identified and the impact of approving these additions. Twelve capital investment budget proposals totalling £32.08m have been identified, to be funded by capital grants (£13.01m), returns on capital investment (£5.55m), use of capital receipts reserve (£1.5m) and prudential borrowing (£12.02m).

 

In line with the Chartered Institute of Public Finance and Accountability (CIPFA) requirements a capital strategy has been written to reflect future direction for capital investment, the strategy is included at appendix D and in line with the guidelines requires Council approval.

 

Decision:

That: the following be recommended to Council

 

a)    To approve the proposed capital programme from 2022/23 attached at appendix C; and

b)    Approve the capital strategy at appendix D.

 

Alternative options considered:

1.             It is open to Cabinet to recommend alternative capital investment options to Council. No alternative options have been brought forward to date and suggestions would require review and assessment, in line with those completed on the options presented in this report. In addition, as an amendment to proposals put forward by Cabinet, any amendment would either require the consent of the Leader of the Council or further consideration by Cabinet, and scrutiny, before a decision could be taken in accordance with budget and policy framework rules.

 

2.             A capital strategy is required in accordance with the statutory guidance issued by CIPFA, there is discretion on content of the strategy but we have applied the guidelines within the draft.

 

Wards Affected: (All Wards);

Contact: Karen Morris, Strategic Capital Finance Manager Email: karen.morris1@herefordshire.gov.uk.

Publication date: 31/01/2022

Date of decision: 31/01/2022