Purpose

This report sets out the
updated Capital Programme for 2024-30 for the Council’s
General Fund and the Housing Revenue Account (HRA) with a forecast
of resources available over that period.
 
Capital Programme and Strategy
for 2024-2030 following Cabinet, is to be submitted to Budget
Council 26th Feb 2025.
 

Content

The Executive Mayor and Cabinet
RESOLVED to recommend to Full Council for approval;
 
2.1 The Council’s 2024-30
General Fund Capital Programme which includes planned expenditure
of £1,314.3m (including capitalisation directions of
£942.9m) across the six years period. This includes
expenditure financed through borrowing of £985.4m over the
six years, during which time the Minimum Revenue Provision (MRP)
“paying down” of the capital financing requirement
would be £244.9m. The MRP annual borrowing cost would
increase incrementally by an average £5.7m each year over the
six years. The cost of this future borrowing is factored into the
Council’s Medium Term Financial Strategy.
 
2.2 The transformation projects
set out in the table at paragraph 4.32 of this report to be
included in the 2024-30 General Fund Capital Programme.
 
2.3 The 2024-30 Housing Revenue
Account (HRA) Capital Programme which includes planned expenditure
of £505.8m with borrowing of £247.2m.
 
2.4 The Council’s Capital
Strategy, as detailed within Appendix A of this report.
 
2.5 Note the Council’s
historic legacy borrowing and debt burden, and service pressures,
are critical to the non-sustainability of the Council’s
revenue budget. Dialogue with MHCLG continues, and the Council is
seeking further financial and other support from Government
in regard to its level of indebtedness
and service pressures to ensure it can deliver sustainable local
government services.