Issue - meetings

To set out the Capital Strategy for 2026/27 to 2030/31 and thereby the proposed 2026/27 capital programme, including identified capital investment priorities, together with the indicative capital programme for 2027/28 to 2030/31, having regard to the resources available over the life of the programme.

Cabinet Member for Finance, Corporate Services and Sustainability to report (report to follow)

To set out the Capital Strategy for 2026/27 to 2030/31 and thereby the proposed 2026/27 capital programme, including identified capital investment priorities, together with the indicative capital programme for 2027/28 to 2030/31, having regard to the resources available over the life of the programme.

The Director of Finance submitted a report setting out the Capital Strategy for 2026/27 to 2030/31 and thereby the proposed 2026/27 capital programme, including identified capital investment priorities, together with the indicative capital programme for 2027/28 to 2030/31, having regard to the resources available over the life of the programme.

The Council had set out its capital programme for the period 2026/27 to 2030/31 based on the principles of the Capital Strategy. The Capital programme and Capital Strategy were influenced by the level of resources available. The level of prudential borrowing included reflected the financing available in the revenue budget, capital receipts align with forecasts, and grant funding and other contributions were based on already notified allocations or best estimates.

The capital programme for the period 2026/27 to 2030/31 included additional Transport schemes funded by Grant £16.630m, additional Council funded investment in Transport specifically for Potholes (£2.000m) and additional resource for Emerging Priorities (£1.592m), both funded by Prudential Borrowing and an increase in The Use of Flexible Capital Receipts of £2.600m (£0.600m per year) until its expiry of the direction in 2030, financed from Capital Receipts.

The revised capital programme included proposed expenditure for 2026/27 of £99.556m, of which the largest category is £72.953m of expenditure on regeneration, schools, transport and infrastructure projects within the Place Directorate. Total expenditure decreases to £49.047m, £14.923m, £ 5.972m and £1.592m in 2027/28, 2028/29, 2029/30 and 2030/31 respectively.

RESOLVED that the following recommendations be accepted and commended to Cabinet:

1.    The Capital Strategy for 2026/27 to 2030/31 at Appendix 1 of this report and summarised at Section 2.1.

2.    The capital programme for 2026/27 and indicative programmes for 2027/28 to 2029/30 at Annex C of Appendix 1 and summarised at sections 2.2 to 2.5 of this report.

3.    The Flexible Use of Capital Receipts Strategy as presented at Annex D of Appendix 1. 

4.    The Minumum Revenue Provision (MRP) Policy Statement 2026/27 and method of calculation and Prudential Indicators detailed in Appendix 2.