The purpose of the capital strategy is to set out how we propose to deploy our capital resources in order to assist us to achieve our corporate and service objectives. It takes into account other relevant strategies, policies and plans and the views of partners and interested parties with whom we are involved. It also takes account of the resources which are likely to be available to us to fund capital investment and the effect of that investment on our revenue budget. It will serve as a useful point of reference when determining or reviewing our capital programme.
Our current detailed capital investment plan is contained in our approved capital programme. A two year programme was approved by the full council on 26 February 2014. This programme provides for £7.242 million of investment over the two-year period in projects across all of our priority areas, of which £2.238 million was programmed to be spent in 2014-15. Since then, programmed expenditure for 2014-15 has been reviewed, resulting in a revised 2014-15 programme of £4.067 million being agreed. This takes account of slippage coming forward from 2013-14 and is summarised below, showing the constituent categories of projects.
- regeneration, planning and town centres development - £805,000
- housing-related projects - £1,441,000
- safer communities - £40,000
- culture and leisure - £720,000
- environment and recycling - £129,000
- operational equipment - £680,000
- investment in technology - £157,000
- general projects - £95,000
- total - £4,067,000
Full Council will consider a capital programme to continue investment beyond 2014-15 on 25 February 2015.
This strategy has been prepared against a background of continuing reductions in funding provided to local authorities by central government and its agencies, arising from the need to restrain public expenditure owing to the ongoing economic conditions and to rebalance public finances. At the same time, our own resources available to finance capital projects have reduced to a low level and will need replenishing before any substantial further capital investments can be made. As a result we are considering and consulting upon a programme of asset disposals to address this situation. In the interim period, before asset sales can provide these additional resources, the current approved capital programme was restricted to cover a two year period, 2013-14 to 2014-15. In 2014-15 this included only £1,039,000 of new projects funded from our own resources, together with £515,000 additional housing related projects, all funded from the New Homes Bonus. All of these new projects are essential to maintain operational continuity.