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The Executive Mayor and Cabinet
RESOLVED, to recommend to Full Council for consideration and
approval:
 
2.1 The Council’s 2024-30
General Fund Capital Programme which includes planned expenditure
of £554.3m (including capitalisation directions) across the
six year period. This includes expenditure financed through
borrowing of £250.7m over the six years, during which time
the Minimum Revenue Provision (MRP) “paying down” of
the capital financing requirement would be £186.7m. The MRP
annual borrowing cost would increase incrementally by an average
£2.1m each year over the six years. The cost of this future
borrowing will be factored into the Council’s Medium Term
Financial Strategy.
 
2.2 The transformation projects
set out in the table at paragraph 4.33 of this report to be
included into the 2024-30 General Fund Capital
Programme.
 
2.3 The 2024-30 Housing Revenue
Account (HRA) Capital Programme which includes planned expenditure
of £394.7m with borrowing of £153.4m.
 
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 continues to be critical
to the non-sustainability of the Council’s revenue budget.
Dialogue with MHCLG continues, and the Council is seeking further
financial support from Government in regard to its level of
indebtedness to ensure it can deliver sustainable local government
services.