A report from Fay Hammond (Executive Director Resources) is attached. (Key Decision Reference Number: 5078) (Report No: 176)
Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources (No.176) informing Members of the position up to the end of November 2019 regarding the Council’s Capital Programme (2019/20) to 2023/24) considering the latest information for all capital schemes including the funding arrangements.
1. The overall expenditure for the approved programme was projected to be £109m for the General Fund, £97m for HRA and a forecast loan drawdown of £8.5m for Enfield Companies for 2019/20.
2. The estimated capital spending plans for 2019/20 to 2023/24 including the proposed arrangements for funding and that the revenue financing costs for the approved 2019/20 to 2022/24 programme were provided for within current budgets.
3. The additions to the Capital Programme as set out in Table 3, section 6 of the report, and referred to in the decisions below, in relation to: Gentlemen’s Row; Schools’ Future Programme; Flood Alleviation; Southgate Cemetery; Fire Works; Estate Regeneration at Joyce and Snells; and Development Programme.
4. The additions that would be presented to Council for approval in February as part of the 10-year capital programme as set out in recommendation 2.2 of the report and decision 2 below.
5. The information presented within the report regarding budget reprofiling as set out in Table 2 and section 4 of the report. The items of expenditure affected and the reasons for the reprofiling were highlighted and outlined to Members at the meeting.
6. That section 5 of the report provided an overview of the key outputs from the 2019/20 capital programme. The detailed information outlined in the report was highlighted to Members. In relation to the Montagu Industrial Estate, it was noted that a separate report on this redevelopment was being presented to Members this evening for approval (Report No.177, Minute No.6 below referred). Members were pleased to note that the construction of the new office building for Metaswitch at Genotin Road was progressing on budget and on time with an expected completion in late Autumn 2020 (paragraph 5.4.17 of the report referred). Members noted the forecasts for Energetik as set out in section 5 of the report.
7. The proposed reduction to the capital programme and the reason for the reduction, as set out in section 7, table 4 of the report in relation to Genotin Road.
8. The information relating to the Housing Revenue Account (HRA) capital programme as set out in section 9 of the report including major and minor works; estate renewals and development.
9. That Appendix A to the report set out the approved capital programme.
10. In response to questions raised regarding the availability and marketing of burial plots at Edmonton Cemetery, Officers present outlined the current situation and undertook to advise Councillor Savva directly of the further detailed information he had requested in relation to waiting lists. Members noted the income generation opportunities to the Council in relation to both Edmonton and Southgate cemeteries.
Alternative Options Considered: NOTED, that no alternative options had been considered.
DECISION: The Cabinet agreed to recommend to Council that:
1. The additions to the Capital Programme as set out in Table 3, section 7 of the report be approved.
2. To note that the following additions would be presented to Council for approval as part of the 10-year capital programme:
i. £7.128m growth in Education services grant allocation for the year due to recognition of basic need funding from central government.
ii. £0.241m additional grant from the GLA and Environment Agency to support Flood Alleviation projects.
iii. £0.057m Gentleman’s Row redecoration works.
iv. £0.210m additional vaulted chambers Southgate Cemetery
v. £0.450m Edmonton cemetery
vi. £352.329m HRA
3. To note the revised five-year approved programme totalling £1,321m as set out in Appendix A of the report.
4. To agree the proposed reductions of £2.925m set out in table 4, section 8 of the report.
Reason: To update the programme for additions and deletions since the quarter two monitoring report to Cabinet in November 2019 and to inform Members of the current forecast outturn for 2019/20 and the outputs from the capital investment.
(Key decision – reference number 5078)