A report from the Director of Finance, Resources and Customer Services is attached. This informs Members of the current position up to the end of June 2015 regarding the Council’s Capital Programme (2015-19). (Key decision – reference number 4153)
(8.30 – 8.35 pm)
Councillor Andrew Stafford (Cabinet Member for Finance and Efficiency) introduced the report of the Director of Finance, Resources and Customer Services (No.56) informing Members of the current position up to the end of June 2015 regarding the Council’s Capital Programme (2015-19) taking into account the latest information for all capital schemes including the funding arrangements.
1. Overall expenditure on the 2015/16 Council’s Capital Programme was currently projected at £164.6m for the General Fund and £59.7m for the Housing Revenue Account (HRA).
2. The amendments to the figures within Table 3 (Financing of Capital Expenditure) and Appendix A (4 year Approved Programme) of the report tabled at the meeting.
3. The significant scale of the Capital Programme and key projects being progressed during 2015/16. Whilst delivery of these schemes remained on track, there had been a need to update and reprofile some of the associated expenditure projections, as detailed within section 4 of the report.
4. The negative impact of the change in the Decent Homes funding arrangements. As the Council no longer received Decent Home funding the programme of works to improve stock was now being funded mainly from HRA general resources along with an element of Government “Right to Buy One for One Replacement Scheme” receipts.
5. It was felt the Capital Programme remained affordable with the level of borrowing having actually decreased from the previous quarter and the Council remaining within its authorised borrowing limit, operational boundary and estimated Capital Financing Requirement for 2015/16, as detailed within section 7 of the report.
Alternative Options Considered: Not applicable to this report.
DECISION: The Cabinet agreed
1. The additions to the General Fund Capital Programme totalling £5.6m in 2015/16 (Table 1 of the report – to be primarily funded from grants, contributions and earmarked resources) and noted that this would not materially increase capital financing costs. Cabinet also agreed the additions to the HRA Programme totalling £0.1m (funded from grant).
2. The updated four year programme including proposed reductions be agreed subject to indicative estimates included in later years (Section 5 of the report).
Reason: To inform Members of the current position up to the end of June 2015 regarding the Council’s Capital Programme (2015-19).
(Key decision – reference number 4153)