Agenda item

Report of the Executive Director for Finance & Resources

5.1      Councillor Paul Swaddle, Cabinet Member for Finance and Smart City, introduced the report which set out the proposed capital strategy over the next 15 years which included key strategic deliverables in line with the City for All strategy including the Oxford Street District scheme, housing regeneration and maintenance of operational assets.

5.2      Gerald Almeroth highlighted that the development projects and schemes are subject to capital bid assessments covering a number of categories including strategic fit, finances, external factors and risk and are subject to robust governance processes via the Capital Review Group.

5.3      Councillor Green, Cabinet Member for Business, Licensing and Planning stated that the proposed capital strategy would enable the council to continue to invest in the borough so that Westminster remains a vibrant and exciting place for others to invest in.  He identified the Strand/Aldwych Public Realm scheme as an example where the council had delivered a scheme early despite the challenges presented by Covid19.  He also commented on the significant achievements that the council had delivered as part of the Smart City portfolio. 

5.4      Councillor Tim Barnes, Cabinet Member for Young People and Learning highlighted the achievements despite the significant challenges this year which included the delivery of the King Solomon Academy.

5.5      Councillor Tim Mitchell, Cabinet Member for Adult Social Care and PublicHealth spoke about the delivery of Beechcroft House development a state-of-the-art 84 bed care home in Maida Vale which had opened according to schedule in September.  This had released the previous sites at Westmead and Carlton Dene care homes for re-development which will provide future benefits for older people living in the borough.

           RESOLVED:  That Cabinet recommended that full Council:

1.          Approve the capital strategy as set out in this report.

2.              Approve the capital expenditure for the General Fund as set out in Appendix A to the report for 2021/22 to 2025/26 and future years to 2034/35.

3.              Approve that all development and investment projects, along with all significant projects follow the previously approved business case governance process as set out in section 8 to the report.

4.          Approve that no financing sources, unless stipulated in regulations or     necessary agreements, are ring fenced.

5.              Approve the council plans to continue its use of capital receipts to fund the revenue costs of eligible proposals (subject to full business cases for each project). This comes under the MHCLG Guidance on the Flexible Use of Capital Receipts (FCR).

6.              Approve the proposed financing of the capital programme and revenue implications as set out in section 13 to the report.

7.              Approve the financing of the capital programme being delegated to the Executive Director of Finance and Resources to provide sufficient flexibility to allow for the most effective use of Council resources

           Reasons for Decision:

           The Council is required to set a revenue and capital budget. The revenue budget is set as part of the Medium Term Financial Plan (MTFP), where the capital budget is set as part of this strategy document.

           Capital expenditure is defined as expenditure that is predominantly incurred on buying, constructing or improving physical assets such as land, buildings, infrastructure and equipment.

           The Council is required to set a balanced revenue budget, and the capital programme forms part of this process.