Issue - meetings

A report that sets out the Capital Strategy for 2024/25 to 2028/29 and thereby the proposed 2024/25 capital programme, including identified capital investment priorities, together with the indicative capital programme for 2025/26 to 2028/29.

The Cabinet considered a report of the Director of Finance which set out the Capital Strategy for 2024/25 to 2028/29 and thereby the proposed 2024/25 capital programme, including identified capital investment priorities, together with the indicative capital programme for 2025/26 to 2028/29, having regard to the resources available over the life of the programme.

The report set out the Council’s Capital Strategy and capital programme over a five-year timeframe. The proposed Capital Strategy and programme for 2024/25 to 2028/29 took the essential elements of the 2023/24 to 2027/28 and previous years’ strategies and programmes and moved them forward in the context of the financial and political environment for 2024/25. The Strategy did include 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 2029/30 to 2038/39.

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

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

b.    An overview of how the associated risk is managed.

c.    The implications for future financial sustainability.

The Capital Strategy was presented at Appendix 1, to the report. It was prepared in 14 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 sections were:

1. The aims of the Capital Strategy and its links to the Council’s Corporate Plan and the Oldham Plan (Our Future Oldham), Creating a Better Place (CaBP) Programme, Medium Term Property Strategy (MTPS), Housing Strategy (HS) and Budget and Policy Framework

2. The Principles of the Capital Strategy

3. Priority Areas for Investment

4. Affordability, Delivery and Risk Associated with the Capital Strategy

5. Knowledge and Skills

6. Treasury Management

7. Long Term Loans

8. Other Non-Treasury Investments

9. Capital Resources to Support Capital Expenditure

10. Capital Investment and Disposal Appraisal

11. The Prioritisation of Capital Requirements

12. The Procurement of Capital Projects

13. The Measurement of the Performance of the Capital Programme

14. The Capital Investment Programme Board (CIPB).

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 and ensuring Oldham is a great place to visit with lots of family friendly and accessible places to go. This also incorporated the Medium-Term Property Strategy and Housing Strategy, aiming 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  ...  view the full minutes text for item 10