Issue - meetings

To approve the following recommendations to Full Council for consideration at its meeting on 6 March 2024: approve the Capital Strategy; and capital expenditure for the General Fund as set out in Appendix A for 2024/25 to 2028/29 and future years to 2037/38.

Cabinet approved the following recommendations to Full Council for consideration at its meeting on 6 March 2024: 

·       To approve the capital strategy as set out in this report. 

·       To approve the capital expenditure for the General Fund as set out in Appendix A for 2024/25 to 2028/29 and future years to 2037/38. 

·       To approve that all development and investment projects, along with all significant projects follow the previously approved business case governance process as set out in section 8 of this report. 

·       To approve that no financing sources, unless stipulated in regulations or necessary agreements, are ring fenced. 

·       To approve the proposed financing of the capital programme and revenue implications as set out in section 12 of this report.

·       To delegate to the Executive Director of Finance and Resources the decisions surrounding financing of the capital programme to provide sufficient flexibility to allow for the most effective use of the Council’s resources. 

Reasons for Decision

The Council produces a capital strategy annually, the objectives of which are to objectives of this capital strategy are to prioritise and co-ordinate funding to achieve the Council’s Fairer Westminster vision; ensure that capital resources are directed to maintain the Council’s statutory requirements across its asset base; invest in the most beneficial projects to meet Westminster’s long-term requirements; and manage investment effectively and efficiently.

The Chair invited Councillor Boothroyd to introduce the report.

Councillor Boothroyd noted that this is an overview report of the Capital Strategy and capital spending over the next 15 years, with the cost of borrowing built into the revenue implications of the capital strategy.

Councillor Boothroyd highlighted that even though the programme is slightly lower in cash terms than the previous year, it remains an ambitious programme which looks to deliver genuinely affordable housing, the Oxford Street programme, local high streets, North Paddington, refurbishment of the Seymour Centre and work to help towards net zero by 2030.

Gerald Almeroth noted that the council programme has two main themes – development and strategic investment and operational investment looking after assets, with significant ambition around delivering more affordable housing.

Gerald Almeroth noted that given interest rates and inflation risks, the Council is still able to plan and put these schemes into effect within the revenue funding without funding from external sources.

RESOLVED: Cabinet approved the following recommendations to Full Council for consideration at its meeting on 6 March 2024: 

·       Approve the capital strategy as set out in this report. 

·       Approve the capital expenditure for the General Fund for 2024/25 to 2028/29 and future years to 2037/38. 

·       Approve that all development and investment projects, along with all significant projects follow the previously approved business case governance process as set out in section 8 of this report. 

·       Approve that no financing sources, unless stipulated in regulations or necessary agreements, are ring fenced. 

·       Approve the proposed financing of the capital programme and revenue implications as set out in section 12 of this report.

·       Delegate to the Executive Director of Finance and Resources the decisions surrounding financing of the capital programme to provide sufficient flexibility to allow for the most effective use of the Council’s resources.