Issue - items at meetings - KD 5015 - Quarterly Capital Monitoring 2019/20 Quarter 2

Issue - meetings

KD 5015 - Quarterly Capital Monitoring 2019/20 Quarter 2

Meeting: 13/11/2019 - Cabinet (Item 4)

4 Quarterly Capital Monitoring 2019/20 Quarter 2 pdf icon PDF 303 KB

A report from the Executive Director – Resources is attached. (Key decision – reference number 5015)

(Report No.126)

(7.25 – 7.30 pm)

Minutes:

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources (No.126) setting out the Council’s Capital Programme (2019/20 to 2022/23). The report included the latest information for all capital schemes including the funding arrangements.

 

NOTED

 

1.    The report set out where investment was taking place and reported the position at the end of the second quarter.

 

2.    The Capital Programme projections were provided with estimated capital spending plans for 2019/20 to 2022/23 including the proposed arrangements for funding provided for within current budgets.

 

3.    The overall expenditure for the approved programme was projected to be £111m for the General Fund, £96m for Housing Revenue Account (HRA) and £17m for Enfield Companies for 2019/20.

 

4.    Expenditure continued to be monitored and the Council continued to aim to maximise external grants and contributions to fund projects and reduce the need to borrow.

 

5.    Details of the 2019/20 Capital Programme budget were set out in Tables 1 to 5 in the report, including budget reprofiling. Table 3 included additional items which Cabinet was asked to approve. Table 4 detailed items to be removed from the Capital Programme: Cabinet were asked to agree to include Bury Street West Depot.

 

6.    The HRA Capital Programme was set out in Table 6 in the report, detailing major and minor works and estate renewals.

 

7.    The full approved Capital Programme was set out in Appendix A of the report.

 

8.    Receipt of grants for flood alleviation were clarified and that this referred to Albany Park work. The Environment Agency supported the work done in the borough and would be working further with the Council on flood alleviation and other environmental projects.

 

9.    The Council had ambitious plans for estate renewal and other long term projects, with commitments around major works to reflect the priorities of the Administration and investment of capital that would have a positive impact on people.

 

10. The detailed business plan for Energetik had been discussed: Cabinet had asked for this to be re-looked at to reflect the Council’s commitment in respect of fuel poverty, and there was confidence the investment would have a positive impact. Home building at Meridian Water would also have a positive impact on the viability of Energetik.

 

Alternative Options Considered: Not applicable to this report.

 

DECISION:  The Cabinet agreed:

 

RECOMMENDED THAT COUNCIL:

 

1.    Notes the additions to the Capital Programme set out in Table 3 in paragraph 4.18 of the report and approves the addition of the following to the approved Capital Programme:

i.  A further investment of £30m to fund Phase 2A of the Energetik business plan to 2024.

ii.   This is made up of a £5m grant and £9.761m loan from the Heat Network Investment Project.

iii.  £0.239m further borrowing by the Council.

iv.  Match funding requirement of £15m to be sought through Mayor’s Energy Efficiency Fund (MEEF).

2.    Agrees the proposed reductions set out in Table 4 in paragraph 4.20 of the report.

3.    Agrees the  ...  view the full minutes text for item 4