Issue - meetings

Capital Investment Strategy 2023/24 to 2027/28

Meeting: 21/07/2022 - Executive (Item 18)

18 Capital Investment Strategy 2023/24 to 2027/28

The Executive Member for Finance and Governance.

Supporting documents:

Decision:

RESOLVED:

 

That the Executive:

 

1.     Adopt the Capital Investment Strategy as the framework for the Capital Programme elements of Service and Financial Planning for 2023/24 onwards.

 

 

Minutes:

Executive Members considered the Capital Investment Strategy 2023/24 to 2027/28 report and supporting documents.

Councillor Schofield, Deputy Leader and Portfolio Holder for Finance and Governance, introduced the Capital Investment Strategy 2023/24 report and supporting documents. The Strategy ensures decisions on capital investment take account of stewardship, value for money, prudence, sustainability and affordability. The report included information about the assets owned by the Council and how they are used and perform, as well as the approach taken when considering new asset investments.

This was supported by the work carried out by the finance and property teams in the past year to further develop the Council’s approach to capital and commercial investment, overseen by the Commercial Ventures Executive Sub-Committee and officer boards. The Deputy Leader explained that proposals for any new capital investment during the coming year will be reported as part of the Service & Financial Planning process.

The observations from Overview and Scrutiny Committee which met the previous week (14 July) were set out in a draft minute and written answers to Advance Questions from Committee Members published as an Addendum to the Executive agenda pack.

Overview and Scrutiny Committee Chair, Councillor Harrison, highlighted the commercial investment position, the limited potential to generate profit from trading services, the links to the financial sustainability programme and reduced powers for local authorities to make investments solely for profit. The Committee had considered and asked questions on the forecast return on investment at Marketfield Way, Redhill (now known as The Rise) and noted the opportunities for income from housing development.

Councillor Harrison highlighted O&S Members’ discussion on future rental income, valuation bases and the requirement for investment in Council-owned offices, including Beech House, Reigate, which is currently vacant. Officers confirmed that the budget to refurbish the offices was potentially up to £3m.

There were no further questions from Visiting Members.

There were no questions from Executive Members.

RESOLVED:

That the Executive:

1.     Adopt the Capital Investment Strategy as the framework for the Capital Programme elements of Service and Financial Planning for 2023/24 onwards.