The Chief Officer – Finance, Performance and Change submitted a report on the above, the purpose of which was to:-

·         comply with the requirement of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) ‘The Prudential Code for Capital Finance in Local Authorities’ (2021 edition);

·         provide details of the capital outturn for 2021-22 (Appendix A to the report);

·         provide an update of the capital position for 2022-23 as at 30 June 2022 (Appendix B);

·         seek approval for a revised capital programme for 2022-23 to 2031-32 (Appendix C);

·         note the projected Prudential and Other Indicators for 2021-22 and 2022-23 (Appendix D)

She explained that the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 as amended, contains detailed provisions for the capital finance and accounting controls, including the rules on the use of capital receipts and what is to be treated as capital expenditure. They modify accounting practice in various ways to prevent adverse impacts on authorities’ revenue resources.

As well as the legislation, the Council manages its Treasury Management and Capital activities in accordance with the following associated guidance:-

1.    CIPFA’s Treasury Management in the Public Services: Code of Practice;

2.    CIPFA’s The Prudential Code for Capital Finance in Local Authorities;

3.    Welsh Government (WG) revised Guidance on Local Authority Investments

The Chief Officer – Finance, Performance and Change, confirmed that n 24 February 2021, Council approved a capital budget of £62.363 million for 2021-22 as part of a capital programme covering the period 2021-22 to 2030-31 and Council received regular updates and approved revisions through the year. Although Council approved new schemes for the 2022-23 capital programme in June 22, the programme for 2021-22 was last updated and approved by Council on 23 February 2022. The report provided an update on the following:

•           Capital Programme outturn 2021-22;

•           Capital Programme monitoring quarter 1 2022-23;

•           A revised Capital Programme for 2022-23 to 2031-32;

•           Capital Strategy monitoring;

•           Prudential and other indicators

Paragraphs 4 of the report, then gave in some detail, narrative on the Capital Programme Outturn Position for 2021-22, with Appendix A of the report giving information of the various schemes within the Programme and the budget available compared to the actual spend. This included in bullet point format, some amendments to the 2021-22 Programme, including information regarding slippage of some of these schemes.

Section 4.2 of the report, provided Members with an update on the Council’s Capital Programme for 2022-23 since the budget was last approved by Council, this incorporated any such new schemes and grant approvals.

Table 1 in the report reflected the Capital Programme broken down by Directorate for 2022-23, with Table 2 (at paragraph 4.2.2) summarising the current funding assumptions for the Capital Programme for the above period.

The Chief Officer – Finance, Performance and Change then referred to Appendix B of the report, which provided details of the individual schemes within the Capital Programme, showing the budget available in 2022-23 compared to the projected spend at  ...  view the full minutes text for item 33