Issue - meetings

As detailed in the recommendations.

The Leader of the Council presented a report to:-

·        Propose the allocation of funding to the core capital programme in 2012/13 (with indicative allocations for future years); and

·        Set out the work that had been undertaken (and continued), to develop a Council Fund Capital Strategy and 10 year Capital Programme for the Council.

The Leader of the Council confirmed that the comments made by Members during the Capital Workshop held on the 22 November, 2012 had informed the report. 

The Director of Environment explained that two of the key objectives of the Medium Term Financial Plan (MTFP) were to ensure that revenue and capital resources were used to achieve the Council’s priorities and objectives. The aims of the Capital Strategy together with details on available capital funding were outlined within the report. The report also detailed that a further £4m was to be made available across Wales by the Welsh Government (WG) in 2013/14 under the Local Government Borrowing Initiative (LGBI) for highway infrastructure, in addition to this, the WG had recently announced an extension of the LGBI to include schools, which would bring forward funding of £200m across Wales.

The Head of Finance reported on the total projected funding available over the 10 year period 2013/14 to 2022/23 which amounted to £108.516m. There was currently no general funding available to support new capital investment outside of the core programme schemes. Details of the ‘core’ capital block allocations were outlined within the report and at Appendix 2 of the report.

The Leader of the Council reported that a meeting of the Corporate Resources Overview and Scrutiny Committee had been scheduled for the 31 January, 2013 to enable all Members the opportunity to consider the capital programme proposals as set out in the report.

RESOLVED:

(a)       That the work which had been undertaken (and continued) to develop a Council Fund Capital Strategy and 10 year capital programme be noted; and

(b)       The allocation of funding to the core capital programme in 2013/14 as shown at Appendix 2 of the report (noting the indicative allocation for future years), subject to input by Overview and Scrutiny be approved.