Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
The Chief Officer (Financial Services) submitted a report providing the outcome of the review of the Capital Programme which had been undertaken during the summer. The aim of the review was to reduce the level of borrowing undertaken by the Council in the short term in order to enable a revenue saving to be achieved which would help to address the financial impact of Covid-19.
Responding to a Member’s enquiry regarding details in the submitted report which noted that since 2010/11 significant capital investment, funded by borrowing, had occurred which had led to an increase in the quantum of debt and the cost of maintaining that debt, officers undertook to provide the Member in question with details of the quantum of that debt and the cost of the related interest payments per year.
In addition, the Board noted a Member’s comments highlighting the importance of continuing to invest in local town and district centres during the current time.
Also, by way of a correction to the submitted report, it was noted that section 57 within Appendix A should read, ‘Section106 Schemes’ rather than ‘Climate Emergency.
(a) That subject to the correction as detailed above, the contents of the submitted report, together with the following be noted:-
(i) That the Capital Programme review has identified a number of schemes which are proposed to be stopped £81.989m; allow alternative funding £30.021m; or can be re-phased into future years of £19.511m. Totalling £131.5m of proposed changes, which are detailed within Appendix A to the submitted report;
(ii) That the aspiration is to limit the increase in debt.
(b) That the following injections into the Capital Programme be approved:-
(i) £7.7m of CIL funding split £5.0m for Basic Need and £2.7m of CIL for flood alleviation; and
(ii) £8.58m of capital receipts to fund the Core Systems Review;
(c) That the above resolution to inject funding of £16.28m will be implemented by the Chief Officer (Financial Services).
(Under the provisions of Council Procedure Rule 16.5, Councillor A Carter required it to be recorded that he abstained from voting on the decisions referred to within this minute)
Publication date: 05/10/2020
Date of decision: 24/09/2020
Decided at meeting: 24/09/2020 - Executive Board
Effective from: 06/10/2020