Issue - meetings

Report of the Executive Director of Corporate Resources and Customer Services

Further to Minute No. 126 of the meeting of the Cabinet held on 9 February 2023, the Council considered the report of the Executive Director of Corporate Resources and Customer Services which set out the long-term context in which capital expenditure, borrowing and investment decisions are made and considers the impact of these decisions on the priorities within the Council’s Core Purpose and the promises made in the 2030 Vision for Sefton.

At the heart of the Capital Strategy is the Council’s core objective to continue deliver financial sustainability. As such a flexible capital investment programme is more important than ever as a method to stimulate and enable economic growth and strategic investment, ensuring best use of existing assets and of generating future income streams to pay for and deliver day to day services.

It was moved by Councillor Ian Maher, seconded by Councillor Fairclough and

RESOLVED:

That the Capital Strategy as set out in Appendix A of the report be approved.

Report of the Executive Director of Corporate Resources and Customer Services

Further to Minute No. 42 of the meeting of the Overview and Scrutiny Committee – Regulatory, Compliance and Corporate Services held on 7 February 2023, the Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services that sets out the long-term context in which capital expenditure, borrowing and investment decisions are made and considers the impact of these decisions on the priorities within the Council’s Core Purpose and the promises made in the 2030 Vision for Sefton.

At the heart of the Capital Strategy is the Council’s core objective to continue deliver financial sustainability. As such a flexible capital investment programme is more important than ever as a method to stimulate and enable economic growth and strategic investment, ensuring best use of existing assets and of generating future income streams to pay for and deliver day to day services.

Decision Made:

That the Council be recommended to approve the Capital Strategy as set out in Appendix A of the report.

Reasons for the Recommendation(s):

The Capital Strategy is a key policy document for Sefton Council and follows guidance issued in the Prudential Code for Capital Finance in Local Authorities (2021 Edition).

Local authorities are required by regulation to have regard to the Prudential Code when carrying out their duties in England and Wales under Part 1 of the Local Government Act 2003.

Alternative Options Considered and Rejected

None.

Report of the Executive Director of Corporate Resources and Customer Services

The Committee considered the report of the Executive Director of Corporate Resources and Customer Services on the Capital Strategy 2023/24 to 2027/28.

The report indicated that the Capital Strategy set out the long-term context in which capital expenditure, borrowing and investment decisions were made and consider the impact of these decisions on the priorities within the Council’s Core Purpose and the promises made in the 2030 Vision for Sefton; that at the heart of the Capital Strategy was the Council’s core objective to continue to deliver financial sustainability; and that as such, a flexible capital investment programme was more important than ever as a method to stimulate and enable economic growth and strategic investment, ensuring best use of existing assets and of generating future income streams to pay for and deliver day to day services.  

The Capital Strategy was a key policy document for Sefton Council and followed guidance issued in the Prudential Code for Capital Finance in Local Authorities (2021 Edition); and local authorities were required by regulation to have regard to the Prudential Code when carrying out their duties in England and Wales under Part 1 of the Local Government Act 2003.

The Capital Strategy 2023/24 as attached to the report.

This report would also be considered by Cabinet and Council at their meetings to be held on 9 February and 2 March 2023 respectively.

The Committee was requested to consider the proposed Capital Strategy document as set out in Appendix A; and provide any comments to Council that would be considered as part of the formal approval of the Capital Strategy.

Members of the Committee asked questions/commented on the following issues:

·       Strategic capital investments

·       Public Works Loans Board Rates (PWLB) and the past use of PWLB as the most efficient manner of borrowing for councils

·       the tightening up by Government of the use of PWLB to fund the acquisition of commercial assets 

RESOLVED:

That the Capital Strategy 2023/24 to 2027/28 be noted.