Decision details

To recommend to Council the adoption of:

·         The Capital and Investment Strategy.

·         The general fund capital estimates.

·         The revised Treasury Management Strategy and Prudential Indicators.

·         Minimum Revenue Provision policy.

Decision:

Subject to Council approving the budget on 10 February:

(1)    That the following schemes be removed from the capital programme because the remit of the schemes, if they were to proceed, would be different to the business case that was originally approved in the programme: 

·       Museum £18.26 million

·       Public realm £1.6 million

·       Bike Share £530,000

·       Town centre gateway regeneration £3.473 million

(2)   That should any of the schemes be moved forward in future, a new business case be presented to councillors.

(3)   That the affordability limit for schemes to be funded by borrowing be set as per paragraph 4.32 in Appendix 1 to the report submitted to the Executive.

(4)  That the following new capital bid referred to in Appendix 2 to the report:

·       Guildford Economic Regeneration Programme

be added to the General Fund Capital programme provisional list and that this scheme, subject to the limits in the Financial Procedure Rules, be subject to a further report to the Executive, before being progressed.

Executive recommended to Council:

(1)   That the General Fund capital estimates, as shown in Appendices 3 and 4 (current approved and provisional schemes), as amended to include the new capital bid in respect of the Guildford Economic Regeneration Programme, Appendix 5 (schemes funded from reserves) and Appendix 6 (s106 schemes), be approved.

(2)   That the Minimum Revenue Provision policy, referred to in section 5 of the report be approved.

(3)   That the Capital and Investment Strategy be approved, specifically the Investment Strategy and Prudential Indicators contained within the report and in Appendix 1.

Reason(s):

1)    To enable the Council to approve the Capital and Investment strategy for 2021-22 to 2024-25

2)    To enable the Council, at its budget meeting on 10 February 2021 to approve the funding required for the new capital investment proposals

Other options considered and rejected by the Executive:

As set out in paragraph 17.2 of the report

Details of any conflict of interest declared by the lead or lead councillors and any dispensation granted:

None.