Issue - meetings

A report from the Executive Director – Resources is attached.  (Key decision – reference number 5669)

Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, providing an update on the development of the ten-year capital programme, in line with the Council’s capital strategy, and seeking approval of the 2024/25 capital budget.

Detail was provided on the 2024/25 capital programme, and proposed spending on the Council’s priorities, and the evolution of the ten-year programme.

DECISION:  The Cabinet agreed

I. To recommend that Council approves the:

a. General Fund 2024/25 capital programme budget of £213.1m and notes the 2024/25-2033/34 ten year capital programme (as detailed in Appendix A)

b. 2023/24 £36.5m budget carry forwards requested at Period 8 (November) (as detailed in Appendix B)

c. Delegation of authority, to the Executive Director of Resources, to transfer unspent borrowing of up to £500k between projects in the capital programme, in consultation with the Cabinet member for Finance and Procurement.

d. Delegation of authority to the Cabinet Member for Social Housing in consultation with the Cabinet Member for Finance and Procurement to agree capital investment into temporary accommodation solutions up to £30m (moving budget from Pipeline to the main capital programme). This is to enable the council to move quickly in bringing solutions to fruition. Any investment approved under this delegation must be self-financing i.e. capable of servicing interest and repaying debt over the useful economic life of the asset.

e. Delegation to Cabinet approval of projects up to £10m from the Pipeline Programme, provided the programme continues to fit within the affordability metrics.

II. To note:

a. The Pipeline projects (as detailed in Appendix E). These are indicative project budget estimates that are subject to a full business case review (where relevant) and separate approval, prior to be being added to the approved programme.

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