Issue - meetings

A report from the Executive Director – Resources is attached. (Key decision – reference number 4943)

(Report No.72)

(7.35 – 7.40 pm)

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources (No.72) informing Members of the current position up to the end of June 2019 regarding the Council’s Capital Programme (2019/20 to 2022/23) considering the latest information for all capital schemes including the funding arrangements.

NOTED

1.            That the overall expenditure for the approved programme was projected to be £144m for the General Fund, £117m for HRA and £24m for Enfield Companies for 2019/20.

2.            The successful Housing Infrastructure Fund (HIF) award of £156m as set out in the report. The significance of this funding was highlighted and would enable the necessary infrastructure to be implemented at Meridian Water and unlock the potential for the next phase of housing development. It was essential for well-connected neighbourhoods to be developed to support positive growth and transform the lives of residents. Particular thanks were expressed to Sarah Cary (Executive Director – Place) and Peter George (Meridian Water Programme Director) together with the Meridian Water team for this significant achievement.

3.            That the report set out the estimated capital spending plans for 2019/20 to 2022/23 including the proposed arrangements for funding and confirmed that the revenue capital financing costs for the approved 2019/20 to 2022/23 programme were provided for in the budget.

4.            The information set out in the tables included within the report including the proposed additional items (table 3) and reductions (table 4). Appendix A set out the approved capital programme in detail. With regard to the additional funding required for Extra Care Housing at Reardon Court, it was noted that this had followed the increased funding contribution from the GLA and the resulting positive increase in the number of units to be provided. This increase in capital funding would be recommended to full Council for approval.

5.            In particular, the capital expenditure in relation to housing provision as highlighted in the report.

Alternative Options Considered: No alternative options had been considered.

DECISION: The Cabinet agreed to recommend to Council to

1.            Note the additions to the Capital Programme set out in Table 3 in paragraph 4.9 of the report and approved the addition of the following to the approved Capital Programme:

i.              Reardon Court and,

ii.            Corporate Capital Condition Programme (CCCP)

2.            The proposed reductions set out in Table 4 in paragraph 4.11 of the report.

3.            Note the £156m Housing Infrastructure Fund (HIF) award.

4.            The revised four-year approved programme totalling £562m as set out in Appendix A of the report.

Reason: To update the programme for carry forwards from 2018/19 along with amendments to the Programme for additions and deletions since Council approval in February and also to inform members of the current forecast position at the end of the first quarter of the financial year. Additionally to bring to the attention of members for significant award of £156m of HIF grant.

(Key decision – reference number 4943)