Issue - meetings

This report considers progress on the 2019/20 Capital Plan Review and requests endorsement of recommendations to Cabinet.

Consideration was given to the report of the Director of Finance and Transformation which set out progress on the 2019/20 Capital Plan Review and sought endorsement of recommendations to the Cabinet.  Particular reference was made to the ongoing financial challenges faced by the Borough Council as a result of the Government’s budget deficit reduction programme which had resulted in reductions in the financial support offered to local government.  Despite statements about an end to austerity a challenging financial outlook remained.

Members were reminded that the annual capital allowance was currently set at £200,000.  However, due to cost inflation it was proposed, subject to review each year that the maximum ‘annual capital allowance’ be increased to £250,000 for the period 2020-21 to 2025-26.  It was noted that based on current projections, from 2026-27 the Borough Council might need to borrow to fund such expenditure.

Particular reference was made to the schemes on List C (attached as Annex 3 to the report) recommended for evaluation.  These included improvement works at Tonbridge Racecourse Sportsground; Leybourne Lakes Country Park and Tonbridge Cemetery Memorial Garden Vaults.  Improvement works related to car parking were also recommended for evaluation.

RECOMMENDED:   That

(1)          the maximum ‘annual capital allowance’ be increased from £200,000 to £250,000, subject to review each year;

(2)          the recommendations to the Finance, Innovation and Property Advisory Board detailed at paragraph 1.3 of the report be endorsed; and

(3)          the Capital Strategy, as set out at Annex 5 to the report, be endorsed for adoption by Council and publication on the Council’s website.