Issue - meetings

RECOMMENDED:That Council approve the use of Prudential Borrowing to fund the Equal Pay Capitalisation costs of £400k.

REASON:                  To enable these costs to be covered, in line with the Council’s successful bid to capitalise costs which would otherwise have to be met from revenue funds.

[See also under Part A Minutes]

Members considered a report which highlighted significant achievements from the Council’s capital programme for 2009/10, along with the final out-turn position, and sought approval for slippage and changes to the programme.

The current approved programme amounted to £62.956m, financed by £35.095m external funding and £27.861m internal funding. Capital expenditure during 2009/10 had totalled £58.480m, representing an underspend of £4.399m.  Effective management had meant there had been only minimal variations on specific schemes, resulting in an increase of £107k in Council resources required.  Successfully completed schemes had included the award-winning Joseph Rowntree Secondary school, the new Energise facility and the Fulford Road multi-modal scheme, providing bus priorities and cycle lanes. 

Requests had been received to carry forward to future years budgets totalling £4.905m.  Details were provided in Table 2, paragraph 9 of the report, and under the individual departmental headings in paragraphs 10 to 46.  In addition, Members were asked to approve the use of £25k contingency to support Strensall Parish Council in the provision of youth facilities, following the sale of the former Youth Club premises (paragraph 53), and to recommend to Council the use of Prudential Borrowing to fund the Equal Pay Capitalisation costs of £400k (paragraph 47).

RECOMMENDED:That Council approve the use of Prudential Borrowing to fund the Equal Pay Capitalisation costs of £400k.

REASON:                  To enable these costs to be covered, in line with the Council’s successful bid to capitalise costs which would otherwise have to be met from revenue funds.