Agenda item

9.1

This report set out the key priority areas for capital investment for Economic Development and Skills and provided an overview of potential projects and priorities for the years 2024 to 2029, together with an overview of anticipated developments and challenges up to 2052. The Committee was asked to endorse the general approach to inform the Council’s overarching Capital Strategy (which would be brought to Full Council for approval in March 2024).

9.2

RESOLVED: That the Economic Development and Skills Policy Committee:-

1. Endorse the proposals set out in this report.

2. Note that the proposals will now be included in the draft Capital Strategy to be submitted to Full Council for approval in March 2024 and, if approved:

a)    Officers will work with Members to consult with relevant stakeholders (including with partners, staff, trades unions [if required] and in respect of equalities and climate change) on the proposals in this report to inform final project proposals;

b)    Officers will work to develop any necessary detailed implementation plans for the proposals in this report so that the proposals can be implemented as planned; and

c)    Approval for detailed proposals will be sought as part of the monthly capital approval cycle by the Finance Committee

(NOTE: The result of the vote was FOR – 8 Members; AGAINST – 0 Members; ABSTENTIONS – 1 Member)

9.3

Reasons for Decision

9.3.1

Members were asked to note the unsustainable financial position highlighted by the medium-term financial analysis presented to Strategy and Resources Committee in September 2023.

9.3.2

This report and its recommendations set out how capital projects can continue to be developed and delivered, despite the limited resources available and continue to deliver quality infrastructure for the people of Sheffield.

9.4

Alternatives Considered and Rejected

9.4.1

The Council is required to both set a balanced budget and to ensure that in-year income and expenditure are balanced. Committee is invited to comment upon and endorse the current proposals to form part of the Council’s wider Capital Strategy for 2024/25

9.1.1

This report set out the key priority areas for capital investment for Economic Development and Skills and provided an overview of potential projects and priorities for the years 2024 to 2029, together with an overview of anticipated developments and challenges up to 2052. The Committee was asked to endorse the general approach to inform the Council’s overarching Capital Strategy (which would be brought to Full Council for approval in March 2024).

9.1.2

Members queried the information provided in item 6 of the report and officers agreed to seek further clarification from the Finance team.

9.1.3

Discussion took place around the weighting that had been given to the climate emergency and the committee’s responsibilities in relation to this.  It was noted that the Transport, Climate and Regeneration Policy Committee had climate change as one of its remits, but consideration was given to whether this should be spread more widely. The Chair agreed to take this away and discuss with the Governance Committee as part of their work on committee remits.

9.2

RESOLVED: That the Economic Development and Skills Policy Committee:-

1. Endorse the proposals set out in this report.

2. Note that the proposals will now be included in the draft Capital Strategy to be submitted to Full Council for approval in March 2024 and, if approved:

a)    Officers will work with Members to consult with relevant stakeholders (including with partners, staff, trades unions [if required] and in respect of equalities and climate change) on the proposals in this report to inform final project proposals;

b)    Officers will work to develop any necessary detailed implementation plans for the proposals in this report so that the proposals can be implemented as planned; and

c)    Approval for detailed proposals will be sought as part of the monthly capital approval cycle by the Finance Committee

(NOTE: The result of the vote was FOR – 8 Members; AGAINST – 0 Members; ABSTENTIONS – 1 Member)

9.3

Reasons for Decision

9.3.1

Members were asked to note the unsustainable financial position highlighted by the medium-term financial analysis presented to Strategy and Resources Committee in September 2023.

9.3.2

This report and its recommendations set out how capital projects can continue to be developed and delivered, despite the limited resources available and continue to deliver quality infrastructure for the people of Sheffield.

9.4

Alternatives Considered and Rejected

9.4.1

The Council is required to both set a balanced budget and to ensure that in-year income and expenditure are balanced. Committee is invited to comment upon and endorse the current proposals to form part of the Council’s wider Capital Strategy for 2024/25