URL: https://democracy.stevenage.gov.uk/ieDecisionDetails.aspx?ID=3724

Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: The Cabinet considered a report in respect of the Capital Strategy 2025/26 – 2029/30 for onward recommendation to Council.   The Portfolio Holder for Resources and Performance advised that £7.9?million of new capital growth bids were recommended following detailed review by Officers and the Council’s Cross Party, Financial Security Group (CFSG).   The Strategic Director and Chief Finance Officer advised that the ability to invest in capital was as a result of the fair funding deal and that a significant amount of the Councils borrowing related to the self financing deal and the 30 year Business Plan.  She was pleased to report that the improved financial position allowed improvements in assets such as the Theatre to be funded.   Members welcomed the 27 supported schemes and endorsed the overall funding approach, which together safeguarded key operational assets, maintained financial resilience, and ensured the deliverability of the Council’s longer?term regeneration objectives.   In particular, Members welcomed:   ·         The replacement of the Ridlins athletic running track; ·         Improvements to the Gordon Craig Theatre including carpets and lighting; ·         The new Sports and Leisure Centre; ·         The proposed new sign for Fairlands Valley Park; ·         Refurbishment of play equipment across the Town.   It was RESOLVED:   1.    That the final General Fund growth bids identified for inclusion in the Capital Strategy (section 4.2, and Appendix A to the report) be approved totalling £7.9Million for 2026/27-2028/29.   2.    That the Final General Fund Capital Budget for 2025/26 to 2029/30 of £118Million, as set out in Appendix B to the report be approved. 3.    That the forecast of and approach to resourcing the General Fund capital programme as outlined in the report (Paragraph 4.4) be approved. 4.    That the revenue contribution to capital, 2026/27 to 2028/29 as set out in table 4, paragraph 4.3.4 be approved of £4.6Million to fund the capital programme.  5.    That the proposed use of Community Infrastructure Levy (CIL), and Biodiversity Net Gain (BNG) contributions of £225k as set out in section 4.6 be approved. 6.    That the approved revenue surplus in any year of up to £500K that can be allocated to the capital reserve to support capital expenditure be noted. 7.    That the comments from Council Financial Security Group and Overview and Scrutiny Committee as set out in section 4.11 be noted. 8.    That the legal implications of Section 24 of the Local Government and Public Involvement in Health Act 2007 in relation to financial decisions (capital) made by a council that is due to be abolished or reorganised in section 5.2 be noted.

Date of Decision: February 11, 2026