Issue - meetings

[See also under Part A minutes]

RECOMMENDED:(i) That Council approve the net adjustments of £447k in 2010/11 and £641k in 2011/12, as set out on a scheme by scheme basis in the report and contained in Annex A.

(ii)That Council approve an addition to the capital programme in 2010/11 of £1m, in the form of a loan to Yorwaste, in which the Council owns a 22.7% stake.

REASON:      To enable the effective management and monitoring of the Council’s capital programme.

[See also under Part A minutes]

Members considered a report which presented the likely out-turn position of the Council’s 2010/11 capital programme, based upon the spend profile and information up to June 2010.

An out-turn of £81.532m was predicted against the current approved budget of £81.979m; a net decrease of £447k resulting from adjustments to schemes in the programme, as outlined in paragraph 5 of the report.  Capital spend to date amounted to £12.334m, or 15% of the total approved budget.  Key exceptions and implications for the programme in each portfolio area were highlighted in paragraphs 9 to 40 of the report.  The revised overall programme resulting from these changes was summarised in paragraph 41.  It was noted that a temporary funding shortfall of £3.098m remained due to reduced asset valuations in the current economic climate; this continued to be managed by using discretionary prudential borrowing.

Approval was sought for:

·        the net adjustments to the programme set out in the report and detailed in Annex A

·        the use of contingency funding to cover an overspend on the Explore York Library Learning Centre and match fund the Travellers – James Street Wall scheme and

·        the addition to the 2010/11 programme of a £1m loan to Yorwaste.

Having noted the comments of the Labour Group Spokespersons on this item, it was

RECOMMENDED:(i) That Council approve the net adjustments of £447k in 2010/11 and £641k in 2011/12, as set out on a scheme by scheme basis in the report and contained in Annex A. ^1.

(ii)That Council approve an addition to the capital programme in 2010/11 of £1m, in the form of a loan to Yorwaste, in which the Council owns a 22.7% stake. ^2.

REASON:      To enable the effective management and monitoring of the Council’s capital programme.