Issue - meetings

Capital Investment Strategy 2022-2032

(Report CAB3332 refers)

Extract of draft minute of Cabinet to follow

RECOMMENDED:

That Cabinet recommends to Council :-

1.            The Capital Investment Strategy be approved including:

·         the Capital Programme and Capital Programme Financing (Appendices A and B to the report);

·         the Minimum Revenue Provision (MRP) Policy Statement (Appendix E);

·         the Flexible Use of Capital Receipts Strategy (Appendix G); and

·         the prudential indicators detailed in the report and its appendices.

1.            The Capital Investment Strategy be approved including:

a)    the Capital Programme and Capital Programme Financing (Appendices A and B to report CAB3332);

b)    the Minimum Revenue Provision (MRP) Policy Statement (Appendix E);

c)    the Flexible Use of Capital Receipts Strategy (Appendix G); and

d)    the prudential indicators detailed in the report and its appendices.

Councillors Fern and Isaacs left the meeting before consideration of the item.

Councillor Cutler (Deputy Leader and Cabinet Member for Finance and Service Quality) moved that the recommended minute of Cabinet be approved and adopted (seconded by Councillor Learney, Cabinet Member for Housing and Asset Management).

Council noted that that the corresponding recommended minute of Cabinet held 17 February 2022 was included with the supplementary agenda after the statutory deadline. The Deputy Mayor agreed to accept the recommended minute onto the agenda, because of the urgent need for Council to consider this alongside Report CAB3332.

Council proceeded to ask questions on the matters in the recommended minute and the report.

RESOLVED:

That the recommended minute of Cabinet held 17 February 2022 (as follows) be approved and adopted:

The Capital Investment Strategy be approved including:

·         the Capital Programme and Capital Programme Financing (Appendices A and B to the report);

·         the Minimum Revenue Provision (MRP) Policy Statement (Appendix E to the report);

·         the Flexible Use of Capital Receipts Strategy (Appendix G to the report); and

·         the prudential indicators detailed in the report and its appendices

1.     That, subject to Council approval of the capital programme, IMT equipment and software expenditure (£343,000 in 2022/23) be approved as detailed in paragraph 11.8.7 of report CAB3332.

2.     That the requirement to ensure Members have the right knowledge and skills to undertake their governance role be noted.

That it be recommended to Council*:

3.     The Capital Investment Strategy be approved including:

·         the Capital Programme and Capital Programme Financing (Appendices A and B to report CAB3332);

·         the Minimum Revenue Provision (MRP) Policy Statement (Appendix E);

·         the Flexible Use of Capital Receipts Strategy (Appendix G); and

·         the prudential indicators detailed in the report and its appendices.

*NB recommendations to Council are not subject to call-in

1.         That, subject to Council approval of the capital programme, IMT equipment and software expenditure (£343,000 in 2022/23) be approved as detailed in paragraph 11.8.7 of report CAB3332.

2.         That the requirement to ensure Members have the right knowledge and skills to undertake their governance role be noted.

RECOMMENDED (TO COUNCIL):

3.         The Capital Investment Strategy be approved including:

a)    the Capital Programme and Capital Programme Financing (Appendices A and B to report CAB3332);

b)    the Minimum Revenue Provision (MRP) Policy Statement (Appendix E);

c)    the Flexible Use of Capital Receipts Strategy (Appendix G); and

d)    the prudential indicators detailed in the report and its appendices.

Report Ref: SC061 and CAB3332

RECOMMENDATIONS:

It is recommended that scrutiny committee comment on the proposals within the attached cabinet report, ref CAB3332 which is to be considered by cabinet at its meeting on the 17 February 2022.

Report reference Report Ref: SC061 and CAB3332

Councillor Cutler, Cabinet Member for Finance and Service Quality and the Strategic Director introduced the report, ref CAB3332 which set out the council’s capital investment strategy 2022-2032 and was available on the councils website here.

The report recommended that the committee comment on the proposals within the attached cabinet report, ref CAB3332 which was to be considered by the cabinet at its meeting on 17 February 2022.

The committee proceeded to ask questions and debate the report in detail. In summary, questions relating to the following matters were raised.

·       the strategic asset purchase scheme 

·       the assumptions about financial returns being realised 

·       The inclusion of assets relating to the broader Central Winchester Regeneration (CWR) scheme 

·       The anticipated returns relating to the Goods Shed site 

·       The demolition of Friarsgate medical centre and any impact upon future planning permission

·       North Walls Pavilion work

·       the relationship between the Asset Management Strategy (AMS) and the strategic budget review 

·       the demolition of buildings and the reuse of materials 

·       the outputs for the Housing Company expenditure 

·       the expenditure on West Wing refurbishment 

·       should there be an allocation of funds for the Winchester Movement Strategy 

·       why assets such as Station Approach or Cattle Market do not appear on the list. 

These points were responded to by Councillor Cutler, Councillor Tod, and officers accordingly and were noted by the cabinet members present at the meeting.

RESOLVED:

1.    That the report be noted

2.    That officers feedback regarding the demolition and interim open space proposals for the Friarsgate Medical Centre.

3.    That cabinet consider all the committee’s comments raised during the discussion of the agenda item.