Agenda item

(Cabinet Member with Special Responsibility Councillor Whitehead)

Report of Chief Executive (report published on 21 October 2020)

(Cabinet Member with Special Responsibility Councillor Whitehead)

Cabinet received a report from the Chief Executive that proposed a Capital Investment Strategy for 2020-21 to 2024/25, to cover all capital investments made by the Council.  The Strategy reflected the aspirations of Council’s Funding the Future, and the Medium-Term Financial Strategies.

The proposed Capital Investment Strategy was designed to cover all the Council’s capital investments from 2020-21 to 2024-25, including projects and schemes that support:

·      Economic Regeneration

·      Delivery of a Social Return, for example Housing

·      Income Generation including Property Investment

·      Carbon Zero + Initiatives that address the Climate Emergency

·      Operational Service Delivery

Whilst the Council delivered significant value in our district through its ongoing operations, capital investment provided the opportunity to deliver further long-term, sustainable outcomes in each of those areas.  The Strategy proposed outcome targets against each of the workstreams listed above, underpinned by the processes, skills and capacity, and monitoring through which desired outcomes could be delivered.

Councillor Whitehead proposed, seconded by Councillor Hanson:-

“That Cabinet recommends that this draft of the Capital Investment Strategy and the associated appendices included at Appendix A be sent to the Budget & Policy Panel for review. An updated version taking account of comments received should be considered by Cabinet, prior to being recommended for adoption by Full Council into the Budget & Policy Framework.”

Councillors then voted:-

Resolved unanimously:

(1)             That Cabinet recommends that this draft of the Capital Investment Strategy and the associated appendices included at Appendix A be sent to the Budget & Policy Panel for review. An updated version taking account of comments received should be considered by Cabinet, prior to being recommended for adoption by Full Council into the Budget & Policy Framework.

Officers responsible for effecting the decision:

Chief Executive

151 Officer

Reasons for making the decision:

The proposed Capital Investment Strategy supports the Medium-Term Financial Strategy.   Capital and Investment Strategies form part of the Budget Framework and their adoption is a function of Full Council.  The Council’s Constitution requires that when a new or existing strategy is being considered, the Overview and Scrutiny Committee or Budget and Performance Panel have an opportunity to comment. If it considers it appropriate, Cabinet may then amend its proposals before submitting them to Council for consideration. The Budget and Performance Panel will have the opportunity to comment on the proposals at its meeting on 10 November 2020.