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Issue - meetings

Capital Programme Budget 2022/23 to 2026/27

Meeting: 07/02/2022 - Executive (Item 95)

95 Capital Budget 2022/23 to 2026/27 pdf icon PDF 532 KB

The Chief Finance Officer to present a report which sets out the Capital Strategy for 2022/23 to 2026/27; in particular, proposals to prioritise investment in the economy, housing and transport and to invest to save, and asks Executive to recommend the revised capital programme to Council.

 

Additional documents:

Decision:

Recommended:  (i)      That Council agree the revised capital programme of £459.625m, reflecting a net overall increase of £70.176m (as set out in Table 2 at paragraph 13 of the report and in Annex A), key elements of which include:

a)   New schemes funded by prudential borrowing totalling £1.9m, as set out in Table 3;

b)   New schemes funded by a combination of prudential borrowing and external funds totalling £16.300m, as set out in Table 4;

c)   Extension of prudential borrowing funded Rolling Programme schemes totalling £31.411m, as set out in Table 5;

d)   Extension of externally funded Rolling Programme schemes totalling £10.475m, as set out in Table 8; and

e)   An increase in HRA-funded schemes totalling £10.090m, funded from a combination of HRA balances and Right to Buy receipts, as set out in Table 9.

 

(ii)      That Council note that the total increase in council borrowing as a result of new schemes being recommended for approval is £37.611m, the details of which (schemes) are considered within this report and the financial strategy report.

 

(iii)     That Council approve the full re-stated programme totalling £459.625m, covering financial years 2022/23 to 2026/27, as set out in Table 13 at paragraph 72 of the report, and in Annex B.

 

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

 

Minutes:

The Chief Finance Officer presented a report which set out the Capital Strategy for 2022/23 to 2026/27; in particular, proposals to prioritise investment in the economy, housing and transport and to invest to save.

 

The council’s main focus was to build back better from the pandemic.  The schemed outlined in the report continued the transformational programme to drive regeneration and accelerate the city’s economic recovery.  It included £70.176m of new investment over the 5-year period, of which £22.475m was externally funded, £10.090m was met from the Housing Revenue Account (HRA) and £37.611 would be funded by the council.  A summary of the new proposals was provided in Table 2 at paragraph 13 of the report, with further details in the following paragraphs and in Annex A.  The full re-stated programme for the 5-year period was detailed in Annex B

 

Members welcomed the proposals and commented on schemes within their individual portfolio areas, highlighting in particular investment in major schemes such as York Central, as well as in highway maintenance, housing stock and libraries.

 

Recommended:  (i)      That Council agree the revised capital programme of £459.625m, reflecting a net overall increase of £70.176m (as set out in Table 2 at paragraph 13 of the report and in Annex A), key elements of which include:

a)   New schemes funded by prudential borrowing totalling £1.9m, as set out in Table 3;

b)   New schemes funded by a combination of prudential borrowing and external funds totalling £16.300m, as set out in Table 4;

c)   Extension of prudential borrowing funded Rolling Programme schemes totalling £31.411m, as set out in Table 5;

d)   Extension of externally funded Rolling Programme schemes totalling £10.475m, as set out in Table 8; and

e)   An increase in HRA-funded schemes totalling £10.090m, funded from a combination of HRA balances and Right to Buy receipts, as set out in Table 9.

 

(ii)      That Council note that the total increase in council borrowing as a result of new schemes being recommended for approval is £37.611m, the details of which (schemes) are considered within this report and the financial strategy report.

 

(iii)     That Council approve the full re-stated programme totalling £459.625m, covering financial years 2022/23 to 2026/27, as set out in Table 13 at paragraph 72 of the report, and in Annex B.

 

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

 


 

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