Agenda item

Councillor J Chilver, Cabinet Member for Finance, Resources, Property and Assets introduced the draft Capital and Investment Strategy 2022/23, attached as Appendix 1 to the report.  It was noted that the council was required to approve its capital and investment strategy on an annual basis and that it had been developed in line with the CIPFA and MHCLG guidance.

The Capital and Investment Strategy provided the framework within which to deliver the Council’s Corporate Plan objectives through the effective investment of its limited capital resources.  As well as the Councils immediate statutory responsibilities, the strategy also reflected the important role that it had to play in the regeneration and growth, affordable housing and climate change agendas, especially in the context of a post-Covid recovery and the significant housing growth in the area.

Members raised questions around demographic change and growth assumptions; repurposing of the Council’s property estate; consistency in using wording from the Council’s Climate Change and Air Quality Strategy across all Council strategies; Community Infrastructure Levy funds from developments in the former Wycombe district area; and the Council’s stance on providing social housing.

Councillor Chilver advised that demographic change and housing growth figures were based on the latest data supplied to the Council and was used to calculate school places, amongst other areas. This data needed to be included as much of the funding received for housing growth was covered by the Government Housing Infrastructure fund. Whilst the overall total may not be as predicted, there were significant demographic changes in areas such as the older population requiring additional support for care and in areas such as the disabled facilities grant.

A report on the Council’s Estates Strategy would be presented to Cabinet in the Summer, this would set out the Council’s plans on property rationalisation. The pace of delivery was constrained as there was a need to collect data and evidence on office usage post-covid and pilot projects were due to be rolled out in certain office spaces as part of the Work Smart Strategy. The Estates Strategy would also integrate with the Town Centre Regeneration Strategies. Councillor Chilver advised that the Council had successfully let vacant office space at Easton Street, High Wycombe, 66 High Street, Aylesbury, KGVH House, Amersham and Queen Victoria Road, High Wycombe offices.

Councillor Chilver reported that reference was made within the Strategy to the Climate Change and Air Quality Strategy, with the strategy detailing how mitigations would be delivered including, building rationalisation, energy efficiencies in buildings, using electric vehicles, solar car ports and the tree planting initiative.

CIL contributions in the former Wycombe district area were included in the capital budget as a source of income, although unlike S106 agreements these were not guaranteed and the Council had to bid for it. Town and Parish Councils also received an element of CIL and this was included within the strategy.

In relation to affordable housing, Councillor Chilver advised that the Council was working on achieving the right balance of providing affordable properties and key worker housing whilst delivering capital receipts on property holdings. A significant amount was included in the capital budget for delivery of housing on Council land and a number of projects were in the pipeline. A position paper on affordable housing would be presented to Cabinet in the coming months.

Councillor Chilver moved the recommendation to approve the Capital and Investment Strategy. This was seconded by Councillor Newcombe.

RESOLVED –

That the Capital and Investment Strategy 2022-23, detailed at Appendix 1, be approved.