Decision details

RESOLVED: To

Recommend the following to Full Council:

1.1.          Agree the Council’s 2023/24 to 2026/27 General Fund Capital Programme which includes planned expenditure of £305.67m (including capitalisation directions) across the four years.

1.2.          Note that the Council will incur borrowing of £169.53m (including £162m of Capitalisation Direction) in 2022/23, with further borrowing projected of £45.82m in 2023/24 and £28.36m over the three years after 2023/24. The cost of this borrowing is factored into the Council’s Medium Term Financial plan resulting in 2023-24 total interest charge and Minimum Revenue Provision of £61.3m

1.3.          Approve the Council 2023/24 Housing Revenue Account Capital Programme with a total investment planned of £32.62m with borrowing of nil.

1.4.          Approve the Council’s Capital Strategy, drafted with the support of PwC, as detailed within Appendix A of this report.