A report from the Executive Director – Resources is attached. (Key decision – reference number 5199)
Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director Resources informing Members on the current position (as at the end of June 2020) of the Council’s 10 year capital programme 2020/21 to 2029/30, considering the latest information available for all capital schemes including the funding arrangements.
1. That the report showed that the 2020/21 forecast year end expenditure for the approved programme was projected to be £336m: £188m General Fund, £119m HRA and £29m Enfield Companies.
2. The report covers not just progress on spending agreed in February 2020 but also funding arrangements.
3. The programme has been affected by the Coronavirus with slower spending than was predicted. Budgets had been re-profiled by 32% (£142m) in total (37% (£107m) in the general fund and 22% (£35m) in the HRA). The reasons are set out in table 2.
4. The Housing Gateway Company draws down funds as needed, but they are unable to buy as many properties this year as originally intended, because of the Coronavirus.
5. Thanks to officers for their work in this area.
6. The ambitious programme was under review to assess the impact of the delays.
7. Key risks had been highlighted around the estate regeneration plans as well as social value outcomes including provision of apprenticeships and cycling schemes.
8. The capital programme was now back on track and would include over £50m of fire safety works. The Council was calling on the Government to fund these works.
9. Despite the Coronavirus situation, good progress on the Snells and Joyce redevelopment project had been made. There has been a large amount of engagement with residents, although there may now be a slight delay in the plans to hold a ballot. Improvements will also be taking place in the nearby high street, funded by the Good Growth Fund.
Alternative Options Considered: Not relevant in the context of this report.
DECISION: The Cabinet agreed to note
1. The inclusion of the following capital programmes and updated grant funding, in the Council’s 10 Year Capital Programme, which had been granted approved to spend, as follows:
· Education (KD 5082) (School Condition Allocations Grant)
· Alley Gating (KD 5103)
· Corporate Condition Programme (KD 5004)
· Corporate Property Investment Programme (KD 5006)
· Flood Alleviation (KD 5103)
· Highways and Street Scene (KD 5103)
· Housing Adaptations and Assistance (Disabled Facilities Grant)
· Montagu Industrial Estate (KD 4876)
· Traffic and Transportation (Transport for London and Department for Transport Grants)
· Vehicle Replacement Programme (KD 5057)
· Housing Gateway Ltd (KD 5099)
· Housing Revenue Account (KD 4969)
2. That the above capital schemes were itemised in Table 3 of the report “Approved Requested Additions”, paragraph 39 of the report referred.
3. That Appendix A of the report detailed the revised 10 year capital programme including all programmes with approval to spend. The total budget was £1,746m.
4. That Appendix B to the report detailed the requested additions, that were subject to further approval.
5. That Appendix C to the report detailed the total revised 10 year capital programme. The total budget was £2,286m.
Reason: To ensure that Members were aware of the current position (as at the end of June 2020) of the Council’s 10 year capital programme 2020/21 to 2029/30.
(Key decision – reference number 5199)