Decision details

RESOLVED:

That the Cabinet recommend to Full Council that the Capital Strategy 2022/23 be approved, including the adoption of the MRP statement, as follows:-

“For capital expenditure that has been incurred, and which has given rise to a CFR, the MRP policy for expenditure other than that incurred on investment property and dwellings, shall be to charge revenue an amount equal to the depreciation of any asset financed by loan. The MRP policy specific to investment properties and dwellings financed by loan, shall be to charge revenue an amount equivalent to the sum of borrowing utilised, over a repayment period of 50 years.”

REASONS FOR DECISION:

As set out in the report.

KEY DECISION:

Report to Cabinet and Full Council.

PORTFOLIO:

Finance, Investment and Corporate Services.

ALTERNATIVE OPTIONS CONSIDERED/REJECTED:

As set out in the report.

DECLARATIONS OF INTEREST(S):

None.

DISCUSSION:

The Portfolio Holder introduced the report explained that it set out how the Council would finance its activities over the medium term.  In 2022/23, the Council was planning capital expenditure of £49.704m.