Issue - meetings

The Director of Customer & Corporate Services to present a report which sets out the capital strategy for 2019/20 to 2023/24, and new capital schemes in particular, and asks Executive to recommend the revised capital programme to Council.

Recommended: That Council:

(i)           Agree to the revised capital programme of £579.762m reflecting a net overall increase of £185.898m, as set out in table 13 at paragraph 92 of the report and in Annex A, key elements of which include:

·        New schemes funded by prudential borrowing totalling £28.960m as set out in table 3 and summarised in table 13.

·        New schemes funded by a combination of Prudential borrowing and external funds of £28.7m, as set out in table 4 and summarised in table 13;

·        Extension to existing schemes of £7.372m funded by prudential borrowing, as set out in table 5 and summarised in table 13;

·        Extension of prudential borrowing funded Rolling Programme schemes totalling £6.903m, as set out in table 6 and summarised in table 13;

·        Extension of externally funded Rolling Programme schemes totalling £7.941m, as set out in table 7 and summarised in table 13;

·        An increase in HRA funded schemes totalling £106.022m, funded from a combination of HRA balances / Right to Buy receipts, as set out in table 8 and summarised in table 13.

(ii)          Note that the total increase in council borrowing as a result of new schemes being recommended for approval, the details of which are considered within this report and the Financial Strategy report, is £46.385m.

(iii)        Approve the full re-stated programme, as set out in table 13 and summarised in Annex B, totalling £579.762m and covering the financial years 2019/20 to 2023/24.

Reason:              In accordance with the statutory requirement to set a capital budget for the forthcoming financial year.

The Director of Customer & Corporate Services presented a report which set out the Capital Strategy for 2019/20 to 2023/24, and new capital schemes in particular, for recommendation to Council.

The report set out details of £185.898m new investment over the five year period, of which£33.491m was externally funded, £106.022mto be met from the Housing Revenue Account (HRA) and £46.385mto be funded by the council.  Key priority areas for new or increased investment includedhousing, transport schemes highways, the Guildhall, IT development, school buildings disabled facilities grants and libraries.  Other major schemes to be brought forward as individual reports were listed in paragraphs 93-110.

The Executive Member for Environment welcomed the clean air and energy efficiency measures that had been factored in and the Chair remarked on the ambition of the programme.  Having noted the comments made under public participation, it was

Recommended: That Council:

(i)           Agree to the revised capital programme of £579.762m reflecting a net overall increase of £185.898m, as set out in table 13 at paragraph 92 of the report and in Annex A, key elements of which include:

·        New schemes funded by prudential borrowing totalling £28.960m as set out in table 3 and summarised in table 13.

·        New schemes funded by a combination of Prudential borrowing and external funds of £28.7m, as set out in table 4 and summarised in table 13;

·        Extension to existing schemes of £7.372m funded by prudential borrowing, as set out in table 5 and summarised in table 13;

·        Extension of prudential borrowing funded Rolling Programme schemes totalling £6.903m, as set out in table 6 and summarised in table 13;

·        Extension of externally funded Rolling Programme schemes totalling £7.941m, as set out in table 7 and summarised in table 13;

·        An increase in HRA funded schemes totalling £106.022m, funded from a combination of HRA balances / Right to Buy receipts, as set out in table 8 and summarised in table 13.

(ii)          Note that the total increase in council borrowing as a result of new schemes being recommended for approval, the details of which are considered within this report and the Financial Strategy report, is £46.385m.

(iii)        Approve the full re-stated programme, as set out in table 13 and summarised in Annex B, totalling £579.762m and covering the financial years 2019/20 to 2023/24.

Reason:              In accordance with the statutory requirement to set a capital budget for the forthcoming financial year.