The report of the Chief Executive and the Deputy Chief Executive and City Treasurer is attached.

Consideration was given to the report submitted by the City Treasurer. The report presented the capital budget proposals before their submission to the Council.

The capital programme 2020/21 to 2023/24 comprised the continuation of the existing programme. For continuing schemes, the position was based on that set out in the Capital Programme Monitoring 2019/20 also being considered at this meeting (Minute Exe/20/11 above).

Also included were those future projects which were considered likely to be brought forward, subject to the submission of a successful business case. For any project seeking capital expenditure approval a business case must be drafted, covering:

·         how the project links to the City Council’s strategic priorities, social value, and any statutory requirements;

·         what economic value the project will provide to the City, including social value;

·         funding model, with evidence of cost and capital and revenue implications;

·         timescale for delivery and identification of risks to the project, including legal issues; and

·         what the project will achieve, and the benefits that will be realised.

Details on the projects within the programme were set out in the report and the full list of the proposed projects was appended to the report.

If agreed, then the proposals contained in the report would create a capital programme of £378.4m in 2020/21, £288.8m in 2021/22, and £208.3m in 2022/23. The proposed funding for the programme was:

The revenue budget proposals set out in the report on the Medium Term Financial Plan 2020/21 included provision to finance this level of borrowing.

The report explained that a number of schemes which had been developed and were ready for inclusion in the capital programme. The funding and planned expenditure of each was set out in the report’s appendix. Such schemes that were within the powers of the Executive to approve being

Decisions

1.         To commend the report to the Council

2.         To approve the projects for Executive approval as set out above.

3.         To note the capital strategy.

4.         To delegate authority to the Deputy Chief Executive and City Treasurer in consultation with the Executive Member for Finance and Human Resources to make alterations to the schedules for the capital programme 2019/20 to 2023/24 prior to their submission to Council for approval, subject to no changes being made to the overall estimated total cost of each individual project.