Following approval of the strategy at a council meeting on 22 June, Council Leader David Ross said: "Our capital programme represents a significant level of investment of around £1bn over the next 10 years, for schools, roads, community facilities, care homes, business and development infrastructure and mitigating the impacts of climate change."
The decision on capital spend was deferred from the council's February budget meeting to give time to consider the significant impact of rising costs associated with inflation, interest rates and supply chain challenges.
Cllr Ross explained: "The costs of projects already in our capital plan have risen by over £200 million and we've had to look again at what is affordable. What we've agreed today with our colleagues across the political spectrum is an affordable capital plan, but we're all agreed that there are continuing challenges. That's why this plan will be regularly monitored and reviewed to make sure Fifers are getting value for money."
The national financial picture means that the plan has to be flexible and the timing of some projects might need to change. Against the background of rising costs a number of projects face continuing uncertainty and possible delays.
Added Cllr Ross: "These continuing uncertainties mean that we will have to delay decisions on some major investments until the Autumn and it is likely that we will have another significant review of the plan in 2024-25.
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"However, it is important that we agree a firm plan now to move forward with our key aims of tackling poverty and supporting vulnerable people, supporting the local economy and addressing the challenges of climate change. The significant level of investment we're making will also make a major contribution towards community wealth building.
"And despite the continuing challenges I'm pleased that we have made £19 million available for investment in vital one off projects including:
• swimming and leisure facilities in West Fife.
• 1:1 devices for school pupils as options are developed and Scottish Government funding is clarified.
• the council's vehicle fleet once the current review and development of a long term strategy is completed. In the meantime, £4m in the current capital plan will be advanced from later years to provide immediate investment in the fleet.
As well as these priorities, the council is aware there may be a need to adjust the plan to take account of Scottish Government funding decisions on the school estate: "We know that investment is needed in Balwearie High School, the remaining secondary school in need of major investment on grounds of accessibility, said Cllr Ross.
"We've included £8.3m for Balwearie within our plan for upgrading of the building in the short to medium term, but a long term solution will need to be considered in a future review of the plan.
"The plan also includes £14.9m investment to help address climate change issues, including the pathway towards net zero in both non-domestic and business buildings. We're refreshing our climate change action plan, and this will guide future investment priorities.
"In the short term, we will invest £0.500m in a flood fund through the Flood Forum, to help residents who are severely impacted by regular flooding. Flood studies will be taken forward for Rosyth and Valley Gardens, Kirkcaldy, and investment to bring forward work to address flooding at Freuchie Mill is included in the overall climate change programme.
"Significant investment is also being made on roads over the next two years. The next review of the capital plan will consider options to maintain this level of investment over the longer term.
"Additional investment of £2m each will be allocated to the development of the planned community hubs for Dalgety Bay and Glenwood, Glenrothes as part of the regeneration initiative. It is hoped that this investment will allow the leverage of additional external funding into these projects.
"New investment of £0.500m and £0.250m respectively will be made in upgrading and required additional car parking for Sandy Brae and Kelty community centres.
"Community facilities in Lochgelly will benefit too, and £250k will be invested in completing outstanding environmental improvements in Kirkcaldy town centre.
"We will continue to work through the challenges today's financial climate brings to make sure the investment decisions we make are right for Fifers, now and in the future."
