The Deputy Chief Executive/Director of Finance presented a draft Capital Programme for 2012/2015, which also included the related capital financing requirements based upon the prudential indicators that informed the Treasury Management Strategy. The purpose of the Capital Programme was to enable the Council to prioritise and effectively deliver capital investment that contributed to the achievement of Council objectives and links to the revenue budget ensured that revenue funding was provided to meet the financing costs, and any running costs, as a result of the capital programme investment.

The Director reported that the Chartered Institute of Public Finance and Accountancy (CIPFA) Prudential Code required local authorities to determine Prudential Indicators on an annual basis and they were required to be calculated in accordance with the Code. He indicated that the monitoring arrangements set out in the ‘Delivering the Corporate Plan’ report approved by the Cabinet (minute 379 (14 April 2011) refers) ensured that a structure was in place to manage performance and deliver the Corporate Plan.

Resolved –

(1)  That the new submissions as detailed in section 9.7, and the variations in section 9.10 of the report now submitted be approved and the Capital Programme be referred to Council for approval.

(2)  That, if the changes are approved, the capital financing requirements be reflected in the projected budget.

(3)  That the Prudential Indicators be noted and reported to Cabinet as part of the Treasury Management Strategy on 20 February 2012.

(4)  That reports on the progress of the programme be presented in accordance with the agreed monitoring arrangements of the Corporate Plan.