Issue - meetings

To consider and to recommend to the Council, the Council’s Capital Strategy for 2019/20, including high level spending and financing plans and associated performance indicators.  The report includes the Council’s Medium Revenue Position Statement for 2019/20.

RECOMMENDED:

That the Capital Strategy 2019/20, with effect from 1/4/19, as set out in the Appendix to Report Item 8 to the Cabinet, be approved including the adoption of the Minimum Revenue Position Statement, as set out above.

The Cabinet considered the Capital Strategy for 2019/20 which set out how capital expenditure, capital financing and treasury management came together, with an overview of current activities and the implications for future financial sustainability.  The proposed Strategy was attached as an Appendix to Report Item 8 to the Cabinet.

In addition, the Council was required to approve a Minimum Revenue Position Statement in advance of each financial year. The proposed statement was:

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

RECOMMENDED:

That the Capital Strategy 2019/20, with effect from 1/4/19, as set out in the Appendix to Report Item 8 to the Cabinet, be approved including the adoption of the Minimum Revenue Position Statement, as set out above.