Issue - meetings

Report of the Cabinet Member Finance

The Cabinet Member Finance introduced the report which outlined the progress made in developing the Council’s Asset Management Plan and Capital Strategy and made some initial proposals at this stage.

He reminded Members that the significant capital receipt generated from the sale of North Place and Portland Street car parks gave the Council an unrepeatable opportunity to invest in the infrastructure in the town and it was important that the funds were used carefully in order to have a long-term impact. The Asset Management Plan and Capital Strategy would propose how these receipts would be used and set a continuing framework for capital investment.

The Cabinet Member Finance explained that there was a robust system for evaluating capital bids and establishing priorities against the corporate plan. He reported that the Asset Management Working Group (AMWG) and the Budget Scrutiny Working Group (BSWG) as well as the Cheltenham Trust were also involved in the process. In the context of the Cheltenham Trust he reported that the Trust had already set up a committee to look at capital investment.

The Cabinet Member explained that capital projects relating to the High Street public realm improvement works, car park investment and the town hall chairs were being proposed now for approval as they all had a degree of urgency about them. The Cabinet Member confirmed that BSWG and AMWG had appraised the projects at recent meetings and given positive feedback.

In terms of capital investment in the high street the Cabinet Member explained that the council was working with the Cheltenham Development Task Force to unlock potential growth in the town. They were looking at the High Street as a whole in terms of opportunities to improve the environment and boost it as a commercial area which would help tackle a number of priorities. In so doing there was also scope for attracting private sector investment. The proposed investment of £450 000 in public realm and £111 000 in design work would facilitate works in key areas of the high street. By pooling resources with business and Gloucestershire highways there would be a degree of unity in enhancing the area.

The Cabinet Member brought to Members attention an amendment to the cost of the work for replacing the town hall chairs which now stood at £84 500. Recommendation 2 of the report now read “bringing the total funding of projects to £896 200”.

Responses to questions were given as follows :

·         Accommodation strategy - officers were continuing to investigate opportunities and there was currently interest in two properties in the town. Broad costings had been made for new build offices on the Shopfitters site but in the Cabinet Member’s view a move to existing office accommodation rather than new build would be more cost-effective and could be realised much quicker. Work would continue and the Asset Management Working group would be kept fully informed. All Members would be kept informed of any new developments.

·         High Street paving - it was acknowledged that this was  ...  view the full minutes text for item 11

Report of the Cabinet Member Finance

RESOLVED THAT

Council be recommended to approve:

1.    The principles on which the new Asset Management Plan and Capital Strategy will be based and the methodology for prioritising capital projects, as outlined in sections 2 and 3 below.

2.    the funding of the projects outlined in paragraphs 4.2 to 4.4 below, totalling £891,700, to be funded from capital receipts.

The Cabinet Member Finance introduced the report which outlined the progress made in developing the Council’s Asset Management Plan and Capital Strategy and made some initial proposals at this stage. He reminded members that the Council had recently benefited from a significant capital receipt as a result of the sale of North Place and Portland Street car parks and the Asset Management Plan and Capital Strategy would propose how these receipts would be used and set a continuing framework for capital investment.

The Cabinet Member Finance explained that there was a robust system for evaluating capital bids and establishing priorities which involved scoring against the Council’s corporate objectives. It was also important to look at the return on investment as it was important that the project delivered in terms of the revenue budget. He reported that the Budget Scrutiny Working Group and Asset Management Working Group were being consulted in terms of refining the capital programme. It was also important to note the leisure and culture capital budget and the council would work with the Trust to get a view.

The Cabinet Member Finance reported that there were a number of significant workstreams that had yet to be concluded such as the accommodation strategy, Boots corner public realm, the car parking strategy and the investment in the cemetery and crematorium and so the capital investment/capital allocation required to deliver them had yet to be finalised. However, it was intended that the following projects were brought to Council for approval-High Street public realm improvement, car park investment and replacement of the Town Hall chairs.

The Leader added that it was important that the council supported those projects which were good for the town and many of the projects involved working with the county council in funding terms.

RESOLVED THAT

Council be recommended to approve:

1.    The principles on which the new Asset Management Plan and Capital Strategy will be based and the methodology for prioritising capital projects, as outlined in sections 2 and 3 below.

2.    the funding of the projects outlined in paragraphs 4.2 to 4.4 below, totalling £891,700, to be funded from capital receipts.