Issue - meetings

A report from the Executive Director – Resources is attached.  (Non Key)

Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, providing an update on the 2023/24 capital programme. The entire budget for capital was reviewed at November 2023 Council and this update was broadly in line with those intentions.

In response to members’ queries in respect of the implications of Reinforced Autoclaved Aerated Concrete (RAAC) in school buildings, officers confirmed from the Department for Education that all Enfield schools had now been checked and RAAC was found in only one of them, and appropriate funding was being negotiated. In respect of the Mental Health Hub provision, this was a manifesto commitment and Cabinet approval was anticipated in the next few months.

DECISION:  The Cabinet agreed to note:

I. Full year forecast capital expenditure for 2023/24 is £242.5m, including £115.5m for the Housing Revenue Account (HRA), £69.3m for Meridian Water and £17.6m for Companies.

II. Actual capital expenditure from the beginning of the year to 31 October is £77.4m, which is 32% of full year forecast. The largest General Fund variances to forecast are within Meridian Water and Companies.

III. Budget reductions of £5.5m and grant / s106 funded growth of £1.4m in Period 8.

IV. The forecast of £139.0m borrowing in 2023/24 to deliver the capital programme (£16.5m core services, £50.m Meridian Water, £15.5m Companies loan drawdowns and £57.0m HRA).

V. HRA and Companies forecasts are reported in separate papers on the meeting agenda.

The report sets out the options considered, if any, and the reasons for the recommendations and the decision.

(Non Key)