Lead Member – Councillor Roger Evans, Portfolio Holder for Finance

Lead Officer – Cheryl Sedgely, Head of Financial Management and Reporting

REPORT TO FOLLOW

RESOLVED:

That Cabinet:  

1.     Approved progression of next steps as identified in Appendix A for Council funded capital schemes within the Capital Programme.  

2.     Approved progression of next steps as identified in Appendix B for Priority schemes within the Capital Strategy.  

3.     To commence work in Quarter 1 of 2026/27 on an accelerated review of all Council owned and leased land and building assets, in order to inform a refreshed Capital Strategy for the next 5 years which is aligned to enabling financial stability for the Council. 

The Portfolio Holder for Finance presented the draft capital plan, noting that many previously approved schemes are paused or under review due to financial constraints. The focus is on statutory and operational priorities, with further changes dependent on government decisions regarding borrowing and funding.

The Portfolio Holder explained that paused projects may resume if financial conditions improve, and some are being actively pursued as circumstances allow.

Members noted that an urgent asset review was planned to identify surplus assets for potential sale, but the Council will avoid a “fire sale” to ensure best value.

The use of S106/SIL developer contributions was under review to support essential projects, but funds may be insufficient for large-scale schemes.

Members were advised that the Council aimed to improve grant funding applications and partnership working to deliver capital projects without increasing debt.

RESOLVED:

That Cabinet:  

1.     Approved progression of next steps as identified in Appendix A for Council funded capital schemes within the Capital Programme.  

2.     Approved progression of next steps as identified in Appendix B for Priority schemes within the Capital Strategy.  

3.     To commence work in Quarter 1 of 2026/27 on an accelerated review of all Council owned and leased land and building assets, in order to inform a refreshed Capital Strategy for the next 5 years which is aligned to enabling financial stability for the Council. 

To review and comment upon the Capital Strategy 2026/27 – 2030/31 ahead of it going Cabinet.

REPORT TO FOLLOW

The Finance Director presented an update on the capital programme and strategy, outlining the review of priority schemes, the principles guiding capital investment, and the need for an accelerated and independent review of Council assets.

Members expressed concern about the potential for 'fire sales' of assets due to accelerated disposal requirements. Members were assured that an independent review will be conducted to avoid rushed sales and to ensure assets are either generating income or disposed of efficiently, considering historical and maintenance factors.

Questions were raised about the comprehensiveness of the Council's asset register and the cost of due diligence. It was confirmed that while an asset register existed, it required enhancement for informed decision-making, and that due diligence will be conducted in-house where possible, with external support used selectively and time-limited.

RESOLVED:

That the committee supported the recommendations in the report and agreed to forward them to Cabinet for decision.