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RESOLVED:
 

1.1.        
Approve the Council’s 2023-29 General Fund
Capital Programme which includes planned expenditure of
£486.53m (including capitalisation directions) across the six
years.
 

1.2.        
Approve the Council incurring nil borrowing for
2023-24, with borrowing projected of £28.38m in 2024-25 and
£175.17m over the four years after 2024-25. The cost of this
borrowing will be factored into the Council’s Medium Term
Financial Plan for final agreement at Full Council resulting in
2024-25 total interest charge and Minimum Revenue Provision of
£72.5m.

 

1.3.        
Approve the Council 2024-25 Housing Revenue Account
(HRA) Capital Programme with a total investment planned of
£57.26m with borrowing of £24.80m.

 

1.4.        
Approve an increase to the 2023-24 HRA capital
budget from £33.248m to £37.162m, owing to increased
major repairs and improvements, with this £3.914m increase
funded by HRA reserves.

 

1.5.        
Approve the Council’s Capital Strategy, as
detailed within Appendix A of this report.

 

1.6.        
Note the Council’s historic legacy borrowing
and debt burden continues to be critical to the sustainability of
the Council’s revenue budget. Dialogue with the Department
for Levelling Up, Housing and Communities (DLUHC) continues, and
the Council is seeking further financial support from Government
in regards to its level of indebtedness
and balancing the budget to ensure it can deliver sustainable local
government services.