Issue - meetings

Council considered the recommendation of the Cabinet on the Capital Strategy.

The aim of the Capital Strategy was to provide a clear and concise account to residents and other stakeholders of how the Council is going to prioritise its capital expenditure in the short, medium and long term, and how it manages risks with respect to delivering those capital objectives.

The proposed Capital Strategy had been created in line with guidance documents provided by CIPFA.

Resolved to adopt the Capital Strategy as attached to the supplementary agenda.

Councillor Harvey

To consider the proposed Capital Strategy and make a recommendation to Council. 

Cabinet received the draft Capital Strategy for consideration and recommendation to Council for approval.  The purpose of the Capital Strategy is to set out the Council’s future need to incur capital expenditure and explain the rationale, set out how we manage risk and ensure we have the appropriate skills and resources to manage the activity.

Resolved to recommend that Council approves the Capital Strategy.

Reasons for decision:

Councils are required to have a Capital Strategy in place before the end of the current financial year.

To consider a report on the development of the Capital Strategy and consider any recommendations the Committee wishes to make to Cabinet.

NOT FOR PUBLICATION

The Committee is likely to exclude the press and public during consideration of this item on the grounds that it contains exempt information of the description contained in that paragraph of Schedule 12A of the Local Government Act 1972, which is cited below:

Paragraph 3 - Information relating to the financial or business affairs of any particular person (including the authority holding that information)

And it is in the public interest to do so because:

The Capital Strategy is a high profile document in the context of Spelthorne’s leading position as a commercial property investor.  Members and Officers need to consider this emerging strategy away from the spotlight of publicity.  Officers need to explore this new policy with Members responsible for Scrutiny and review all aspects of policy development in private in order to aid a full and frank exchange of opinions.  It is in the public interest that the policy can be developed thoroughly before it is launched in February 2019. 

Paragraph 3 - Information relating to the financial or business affairs of any particular person (including the authority holding that information)

The Chief Executive and Head of Corporate Governance presented the exempt report on the draft Capital Strategy, ahead of its consideration by the Cabinet.  The aim of the Capital Strategy was to provide a clear and concise account to residents and other stakeholders of how the Council is going to prioritise its capital expenditure in the short, medium and long-term, and how it manages risks with respect to delivering those capital objectives.

The Strategy was supported by other documents including Asset Management plans and Treasury Management plans.  It provided an overview of why, where and how capital would be spent in order to contribute to the provision of services for residents, and to meet some of the Council’s wider strategic aims.

Members remarked on the Council’s professionalism in developing its capital strategy and seeking assistance from other companies and advisors, in order to maintain services for residents.

Resolved to note and endorse the report on a draft Capital Strategy and  congratulate officers on the professionalism of their approach.

To receive a presentation on the draft Capital Strategy and make recommendations to Cabinet.

Deputy Chief Executive Terry Collier, Michael Graham, Head of Corporate Governance, Nick Cummings, Property and Development Manager, and David Birley, Housing Strategy Officer, gave a presentation to the Committee explaining the requirement to produce a capital strategy by 31 March 2019 and guidelines issues by CIPFA.   The presentation gave details of the four main elements of the strategy: capital expenditure, investment decisions and arrangements, treasury management and skills and knowledge. 

Members asked questions about the change in emphasis from investment for the purpose of supporting services, to addressing the local housing needs, risk assessment and management, the effect of any interest rate increases and the timetable to produce and publish a strategy.

Resolved to note the presentation and include the Capital Strategy on the Work Programme for January 2019.

Following this item and having sat for three hours continuously, it was moved by Councillor R.A. Smith-Ainsley, seconded by Councillor Friday and agreed to suspend Standing Order 5.1 to continue with the remaining items on the agenda.