Issue - meetings

RECOMMENDED:  That the Capital Strategy 2020/21 as attached to the report be approved.

Reason for Decision

Not to approve these policies would contravene the requirements of both legislation and good practice.  In addition, the external auditors may comment in their report to those charged with governance (ISA260).

Cabinet considered a report which set out the Capital Strategy which outlined the principles and framework that shape the Council’s capital decisions.  The principal aim was to deliver a programme of capital investment that contributed to the achievement of the Council’s priorities and objectives as set out in the Corporate Plan.  The Capital Strategy would be updated annually and will be put before Cabinet alongside the Treasury Management Strategy going forward so that it could be approved before the year to which it related began.

The Strategy defined at the highest level how the capital programme was to be formulated; it identified the issues and options that influenced capital spending, and set out how the resources and capital programme would be managed.

In response to how the Council’s finances would be affected by the Corona Virus, the Chief Executive explained that the Revenue budget would be impacted considerably and investments affected, although the Government had indicated that funding would be made available.  It was noted that balances would be used in the short term to ensure cash flow.

The Chair reported receipt of questions from Councillor Ryves on the item.  He thanked Councillor Ryves for the questions, but reminded members that the Cabinet meeting was not a question and answer session.

RECOMMENDED:  That the Capital Strategy 2020/21 as attached to the report be approved.

Reason for Decision

Not to approve these policies would contravene the requirements of both legislation and good practice.  In addition, the external auditors may comment in their report to those charged with governance (ISA260).