The Executive RESOLVED to recommend to Council:
1. That the five-year Capital Strategy for 2023/2028, incorporating the Treasury Management Strategy, Prudential Indicators and Asset Investment Strategy, is approved.
2. That Full Council delegate authority to the Executive for the financial year 2023/2024, subject to a positive recommendation from the Asset Investment Advisory Board and agreement from the Joint Chief Executive and Joint Strategic Director:
a. to bid, negotiate and complete on property acquisitions and investments in land and buildings with a total individual cost of up to £10m, subject to the decision fully satisfying all criteria and process requirements set out in this Strategy; and
b. to determine a funding strategy for the acquisition or investment in line with the Treasury Management Strategy; and
c. to appoint advisors and undertake appropriate due diligence for each property acquisition and investment proposal as necessary; and
d. to complete the legal matters and signing of contracts to execute the transactions referred to above.
Reason: The Capital Strategy is a whole organisation approach to capital investments (expenditure) and overall strategic planning. It has historically been seen as a finance responsibility but should be steered by the leadership of the Council and is a responsibility of all.
[This matter is recommended to Council for decision.]