1 January 1970
Title of paper: Capital Strategy
Meeting date: 22nd March 2023
Author: Paul Benfield (Treasurer)
SRO: Paul Benfield (Treasurer)
Executive Summary:
The Prudential Code 2017 sets out the requirement for a capital strategy to be published. The Capital Strategy provides information on the planned capital expenditure for 2023/24 and the Medium Term Capital Programme. It considers the governance arrangements for capital projects and the capital programme. The Capital Strategy is updated annually
The aims of the Capital Strategy are:
- To take a long term perspective on capital investment and to ensure this contributes to the achievement of the Safer West Mercia Plan
- To ensure investment is prudent, affordable, and sustainable over the medium term and adheres to the Prudential Code, Treasury Management Code and other regulatory conditions.
- To set out the governance arrangements for capital investment decision-making.
- To make the most effective and appropriate use of the funds available in long term planning and using the most optimal annual financing solutions.
To establish a clear methodology to approve capital proposals.
Recommendations and Requested Outputs from WMGB:
That the PCC approves the Capital Strategy 2023/24.
Benefits
The Capital Strategy supports the planned capital programme for 2023/24 and the medium term, ensuring that the investment in the assets held by the PCC are affordable, deliverable and meet objectives of the PCC and West Mercia Police
Police and Crime Plan
The decision supports the Safer West Mercia Plan objectives specifically it supports the Reforming West Mercia to ensure that it:
- manages resource to maximise value, effectiveness and meet demand
- is fit for the digital age and
- ensures facilities, police and community needs are meet
It will do this by
- By investing in the ICT infrastructure thereby improving efficiency, effectiveness and economy
- By establishing and financing a fit for purpose modern estate thereby improving operational effectiveness and efficiency
- By ensuring that these proposals can be accommodated within available resources
Force Vision, Values and Priorities
Delivery of the Capital Strategy will support the investment in the Estate, ICT and Fleet to provide fit-for-purpose assets enabling West Mercia Police to delivery of a quality policing service, protecting people from harm and to enabling them to deliver excellent service, thereby keeping communities safe.
Background Papers
Capital Strategy 2023/24
Disclosure and Sensitivity
N/A
Comments of relevant proper officer(s) or person(s) with statutory responsibilities
The Capital Strategy sets out the framework and governance arrangements for the investment in the West Mercia estate to ensure this contributes to the achievement of the Safer West Mercia Plan. The Treasurer states that the proposed capital programme is prudent, affordable and sustainable because of the historically and comparatively low levels of investment.
The Treasurer has consulted with the Director of Commercial Services to take into account West Mercia Police’s view on the strategy
