Agenda item

To consider the Capital Strategy 2024-25 to 2026-27.

Councillor Liz Leyshon proposed the recommendations which were seconded by Councillor Bill Revans.

Having been duly proposed and seconded, the Council RESOLVED to approve:

a)    The Capital Strategy including the key prudential indicators for 2024/25  

b)    The Flexible Use of Capital Receipts Policy for 2024/25 

c)     The Minimum Revenue Provision (MRP) Policy for 2024/25 

d)    That the administration would review the MRP Strategy over the next six months to ensure the MRP was calculated in a consistent manner.

The Deputy Leader and the Lead Member for Resources and Performance, Councillor Liz Leyshon, introduced the report which was considered at the Executive meeting on 7 February 2024.  The report set out the proposed Capital Strategy for Somerset Council for the three-year period between 1 April 2024 and 31 March 2027.

The report was designed to meet the requirements of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code for Capital Finance (2021) and summarised the Council’s capital investment priorities and funding plans over the next three years, taking account of financial stewardship, value for money, prudence, sustainability and affordability.

The report also incorporated into the Strategy the Council’s Minimum Revenue Provision (MRP) Policy for 2024-25.

The Council discussed the report and the following points were raised:-

·       Concern was raised on Key Risks and that they did not link to the Risk Register.  Councillors advised that there should be a golden thread throughout.

·       Councillors queried why Section 106 and Community Infrastructure Levy (CIL) funds had not been included within the Capital Funding.

The Lead Member for Economic Development, Planning and Assets expressed caution on the inclusion of Section 106 and CIL funds as they were specific for sites and not for the General Fund.

Councillor Mandy Chilcott proposed an additional recommendation to the report, as follows:-

·       That the administration would review the MRP Strategy over the next six months to ensure the MRP was calculated in a consistent manner.

Councillors Liz Leyshon and Bill Revans accepted the recommendation as the proposer and seconder and it was added as recommendation d) to the report.

Councillor Liz Leyshon proposed the recommendations which were seconded by Councillor Bill Revans.

Having been duly proposed and seconded, the Council RESOLVED to approve:

a)    The Capital Strategy including the key prudential indicators for 2024/25  

b)    The Flexible Use of Capital Receipts Policy for 2024/25 

c)     The Minimum Revenue Provision (MRP) Policy for 2024/25 

d)    That the administration would review the MRP Strategy over the next six months to ensure the MRP was calculated in a consistent manner.