Decision details

(Cabinet Member with Special Responsibility Councillor Hamilton-Cox)

Cabinet received a report from the Chief Officer Resources that proposed a Flexible Use of Capital Receipts Strategy for 2024-25 to complement Phase 2 of the Council’s Outcomes-Based Resourcing programme – Fit for the Future.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:

The officer preferred option is Option 1, to enable the Council to make use of the Flexible Capital Receipts provision in supporting its savings and service transformation initiatives over the coming years.  This report, if approved, will enable the council to use capital receipts to fund savings and service transformation initiatives. Failure to adopt a Flexible Use of Capital Receipts Strategy will severely constrain the council’s ability to pursue these initiatives.

Councillor Hamilton-Cox proposed, seconded by Councillor Wood:-

“That the recommendation, as set out in the report, be approved.”

Councillors then voted:-

Resolved unanimously:

(1)             That Full Council be recommended to approve the Flexible Use of Capital Receipts Strategy 2024/25 as set out in the report, in accordance with the relevant statutory guidance.

Officer responsible for effecting the decision:

Chief Officer Resources

Reasons for making the decision:

Statutory guidance from the Department for Levelling Up, Homes and Communities (DLUHC) and the Chartered Institute of Public Finance and Accountancy (CIPFA) enables local authorities to make flexible use of capital receipts to fund projects which are likely to generate savings to the authority and / or other public bodies. To make use of this provision, authorities must submit to the Secretary of State a Flexible Use of Capital Receipts Strategy setting out how the provision will be applied in the next financial year.

If adopted by Council, the Flexible Use of Capital Receipts Strategy would form part of the council’s Policy Framework. From a strategic perspective, enabling the use of capital receipts to deliver savings and service transformation initiatives will give the council scope to pursue its Outcomes-Based Resourcing programme with greater flexibility and effectiveness.