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Issue - meetings

Capital Programme 2020/21 to 2024/25

Meeting: 13/02/2020 - Executive (Item 99)

99 Capital Budget 2020/21 to 2024/25 pdf icon PDF 705 KB

The Head of Corporate Finance & Commercial Procurement (Interim s.151 Officer) to present a report which sets out the Capital Strategy for 2020/21 to 2024/25, and new capital schemes in particular, and asks Executive to recommend the revised capital programme to Council.

 

Additional documents:

Decision:

Recommended:  That Council:

 

(i)      Approve the revised capital programme of £559.617m which reflects a net overall increase of £55.730m, as set out in table 12 at paragraph 89 of the report and in Annex A, key elements of which include:

a)   New schemes funded by prudential borrowing totalling £14.645m, as set out in table 3 and summarised in table12;

b)   New schemes funded by a combination of prudential borrowing and external funds of £695k, as set out in table 4 and summarised in table 12;

c)   Extension of externally funded Rolling Programme schemes totalling £12.485m, as set out in table 5 and summarised in table 12;

d)   Extension of externally funded Rolling Programme schemes, as set out in table 6 and summarised in table 12;

e)   An increase in HRA funded schemes totalling £9.605m funded from a combination of HRA balances / Right to Buy receipts, as set out in table 7 and summarised in table 12.

 

(ii)      Note that the total increase in council borrowing as a result of new schemes being recommended for approval is £40.655m, details of which are considered within this report and the Financial Strategy report.

 

(iii)     Approve the full re-stated programme totalling £559.617m covering financial years 2020/21 to 2024/25, as summarised in Annex B to the report and set out in table 13 and Annex B.

 

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

Minutes:

The Interim s151 Officer presented a report which set out the council’s Capital Strategy for 2020/21 to 2024/25, and new capital schemes in particular.

 

The budget reflected significant investment in a number of critical areas, with a focus on frontline services alongside investment in developing York’s economy through major regeneration schemes.  The report set out £55.730m of new investment over the five-year period, of which £5.470m was externally funded and £9.605m was met from the Housing Revenue Account, with £40.655m to be funded by council borrowing.  Investment to support the objectives in the new Council Plan included £6.6m on procuring greener waste vehicles, £3m to develop the Northern Forest, £2.682m to progress the Castle Gateway scheme and £12.8m on highways schemes. 

 

An overview of each scheme was provided in paragraphs 15-106 of the report.  Further information on major schemes not considered in detail in this report, as set out in paragraphs 111-123, would be brought as individual reports to future meetings.

 

Members welcomed the investment overall and in their individual portfolio areas.  Having noted the comments made under Public Participation, it was

 

Recommended:  That Council:

 

(i)      Approve the revised capital programme of £559.617m which reflects a net overall increase of £55.730m, as set out in table 12 at paragraph 89 of the report and in Annex A, key elements of which include:

a)   New schemes funded by prudential borrowing totalling £14.645m, as set out in table 3 and summarised in table12;

b)   New schemes funded by a combination of prudential borrowing and external funds of £695k, as set out in table 4 and summarised in table 12;

c)   Extension of externally funded Rolling Programme schemes totalling £12.485m, as set out in table 5 and summarised in table 12;

d)   Extension of externally funded Rolling Programme schemes, as set out in table 6 and summarised in table 12;

e)   An increase in HRA funded schemes totalling £9.605m funded from a combination of HRA balances / Right to Buy receipts, as set out in table 7 and summarised in table 12.

 

(ii)      Note that the total increase in council borrowing as a result of new schemes being recommended for approval is £40.655m, details of which are considered within this report and the Financial Strategy report.

 

(iii)     Approve the full re-stated programme totalling £559.617m covering financial years 2020/21 to 2024/25, as summarised in Annex B to the report and set out in table 13 and Annex B.

 

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


 

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