Issue - meetings

Capital Strategy and Capital Programme 2023/24 to 2027/28

Meeting: 13/02/2023 - Cabinet (Item 10)

10 Capital Strategy and Capital Programme 2023/24 to 2027/28 pdf icon PDF 322 KB

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Consideration was given to report of the Director of Finance which set out the Capital Strategy for 2023/24 to 2027/28 and thereby the proposed 2023/24 capital programme, including identified capital investment priorities, together with the indicative capital programme for 2024/25 to 2027/28, having regard to the resources available over the life of the programme.

The Council’s Capital Strategy and capital programme were set over a five year timeframe. The proposed Capital Strategy and programme for 2023/24 to 2027/28 took the essential elements of the 2022/23 to 2026/27 and previous years’ strategies and programmes and moved them forward in the context of the financial and political environment for 2023/24.

The Strategy included a longer-term vision, a forward look at those projects that were likely to run beyond the five year strategy and programme period or be initiated subsequently. This covered a timeframe for the 10 years from 2028/29 to 2037/38.

The format of the Capital Strategy reflected the requirements of the latest Prudential and Treasury Management Codes issued by the Chartered Institute of Public Finance and Accountancy (CIPFA). The strategy therefore presented:

• A high-level long-term overview of how capital expenditure, capital financing and treasury management activity contribute to the provision of services;

• An overview of how the associated risk is managed; and

• The implications for future financial sustainability.

The Capital Strategy was presented at Appendix  to the report. It was prepared in 15 sections and ensured that Members were presented with the overall long-term capital investment policy objectives and resulting Capital Strategy requirements, governance procedures and risk appetite

The Strategy was aligned with the Creating a Better Place programme which was focused on building more homes for the borough’s residents, creating new jobs through regeneration. This also incorporated the Medium-Term Property Strategy and Housing Strategy and aimed to deliver its ambition in ways that contribute to a reduction in carbon emissions in support of the Council’s Green New Deal strategy.

Section 1 of the Capital Strategy highlighted the aims of the Capital Strategy and its links to the Council’s Corporate Plan and the Oldham Plan (Our Future Oldham). This section of the report also describes more fully the Creating a Better Place programme (encompassing the Medium-Term Property Strategy and Housing Strategy) which is a significant element of the Council’s planned Capital Expenditure over the five-year period 2023/24 to 2027/28.

Annex C of Appendix 1 sets out the proposed capital expenditure and financing for the period covered by the Capital Strategy, 2023/24 to 2027/28.

The Strategy also advises that the Council is proposing to continue the use the flexibility provided by the Government to use capital receipts to fund the revenue cost of transformation. The 2023/24 revenue budget would rely on up to £2.600m of such funding from capital receipts.

The 2022/23 month 8 capital monitoring position presented alongside this report included expenditure projections that were a key determinant of the 2023/24 programme. As many schemes span more than one year, the anticipated level of reprofiling between years sets  ...  view the full minutes text for item 10