Agenda item

The Committee considered the report of the Director of Resources seeking Members’ approval of the:

•           Capital Strategy 2023 / 24 (attached as Appendix1 to the report);

•           Capital Project Bids (Appendix 2 to the report);

•           Investment Strategy (Appendix 3 to the report). 

•           minimum Revenue Provision Statement (Appendix 4 to the report);

It was reported that the Capital Strategy had been prepared considering the future plans of the Council, ensuring that they were affordable and prudent.  The Annual Investment Strategy had been updated in line with statutory requirements and good practice, having regard to the Council’s financial position, wider strategies, plans and aims and the advice of the Council’s external treasury advisor. 

In response to a number of questions the Director of Resources advised Members that:

·                  agenda Item 9 on this agenda provided further detail on the Treasury Management Strategy which set out counterparty limits currently A-.

·                  the Council’s internal staff manage the Council’s investment.  Members were advised that staff receive training through Arlingclose and Members had been invited to a briefing with these consultants to provide further understanding of the detailed processes followed. 

Members discussed the Capital Project Bids detailed in Appendix 2 and the importance of the play equipment and Parks for children within the District was highlighted.  in response to comments regarding the bids relating to play equipment, the following information was provided by Officers:

·                  The Capital Project bids relating to play equipment were to ensure these items were maintained to the highest possible standard.  The Director of Service Delivery explained that Members had the choice to either support the Capital Bid or if not supported the equipment would have to be removed.

·                  Officers confirmed that they always looked for best value options and the only other alternative to the requested bids was to replace equipment on a different scale.

In accordance with Procedure Rule No. 13 (3) Councillor A S Fluker requested a recorded vote.  This was duly seconded.

The Chairman referred to Appendix 2 and moved that Capital Projects 1 – Replacement Parks Vehicle for EF04 AFU and 2 – Replacement for Parks NJ59 PRZ be agreed.  The voting was as follows:

For the recommendation:

Councillors M G Bassenger, Mrs P A Channer, M F L Durham, Mrs J L Fleming, A S Fluker, K M H Lagan, N G F Shaughnessy, R H Siddall, W Stamp, C Swain and S White.

Against the recommendation:

There were none

Abstention:

There were none.

The Chairman then moved that Capital Projects 3 – Prom Park, The Valley, Play Galleon and 4 – Play Equipment Prom Park Sensory be agreed.  The voting was as follows:

For the recommendation:

Councillors M G Bassenger, Mrs P A Channer, M F L Durham, Mrs J L Fleming, K M H Lagan, N G F Shaughnessy, R H Siddall, W Stamp, C Swain and S White.

Against the recommendation:

Councillor A S Fluker.

Abstention:

There were none.

The Chairman then moved that Capital Projects 5 – Riverside Park, Skate Park Equipment and Surface and 6 – Riverside Park Play Site Equipment be agreed.  The voting was as follows:

For the recommendation:

Councillors M G Bassenger, Mrs P A Channer, M F L Durham, Mrs J L Fleming, K M H Lagan, N G F Shaughnessy, R H Siddall, W Stamp, C Swain and S White.

Against the recommendation:

Councillor A S Fluker.

Abstention:

There were none.

It was therefore agreed that all six Capital Projects would be recommended to the Council for approval.

The Chairman then moved approval of the following Appendices attached to the report, namely the Capital Strategy, Investment Strategy and Minimum Revenue Provision Statement.  These were duly agreed for recommendation to the Council.

RECOMMENDED that the following are approved for 2023 / 24:

·                 the Capital Strategy (attached as Appendix 1 to the report);

·                 the Capital Project Bids (attached as Appendix 2 to the report),

·                 the Investment Strategy (attached as Appendix 3 to the report), and

·                 the Minimum Revenue Provision Statement (attached as Appendix 4 to the report).