Issue - meetings

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 September 2016. (Key decision – reference number 4363)

(Report No.154)

(8.15 – 8.20 pm)

Councillor Dino Lemonides (Cabinet Member for Finance and Efficiency) introduced the report of the Director of Finance, Resources and Customer Services (No.154) informing Members of the current position up to the end of September 2016 regarding the Council’s Capital Programme (2016-20) taking into account the latest information for all capital schemes including the funding arrangements.

NOTED

1.               That the report showed that the overall expenditure was projected to be £227.3m for the General Fund and £65.2m for the HRA for 2016/17.

2.               Members’ attention was drawn to appendix A of the report setting out the detailed capital programme budget. Councillor Lemonides highlighted the significant spend with regard to Meridian Water and Housing Gateway; noted the capitalisation of interest charges; and, reiterated the close and continued monitoring of the programme, as set out in the report.

3.               Councillor Terence Neville expressed his concerns over the cost of borrowing to the Council which would result in increasing pressures on the council tax and/or further reductions in Council services.

4.               Councillor Alan Sitkin highlighted the need for a continued vision and aspiration for the future of the Borough for the benefit of future generations and therefore did not support the issues raised by Councillor Neville.

5.               Councillor Lemonides concluded by reiterating the close monitoring of capital programme projects to ensure that the responsibilities of the Council were met and drew a distinction between those projects and the significant projects highlighted above which represented invest to save opportunities, for example, the savings on temporary accommodation costs being achieved through the work of Housing Gateway.

Alternative Options Considered: Not applicable to this report.

DECISION: The Cabinet

1.               Agreed the revised Capital Programme totalling £292.5m for 2016/17 and noted the full four-year programme as detailed in Appendix A of the report and the indicative programme set out in Appendix B of the report.

2.               Noted that the additions to the programme were for information only and either required no additional borrowing as they were grant funded or had already been approved as part of the Council’s democratic process as detailed in Table 3 of the report.

Reason: To keep Members informed of the current position regarding the Council’s Capital Programme (2016-20).

(Key decision – reference number 4363)