Decision details

The Chief Officer Financial Services submitted a report presenting an update on the Council’s Capital Programme for the period 2024-2029, split between the General Fund and the Housing Revenue Account (HRA), with a forecast of resources available over that period. The report also provided a specific update of the 2024/25 Capital Programme and also sought approval in relation to specific injections into the Capital Programme.

In presenting the report, the Executive Member highlighted that both this report and the following Financial Health Monitoring report were being considered together, given that a review of the Capital Programme was taking place with the aim easing the pressure on the Council’s revenue budget.  It was also noted that the level of borrowing within the Capital Programme, as presented, remained affordable and that the report also sought approval in relation to specific injections into the programme.

RESOLVED –

(a)  That the following injections into the Capital Programme, as detailed at Appendix A (iii) of the submitted report, be approved:-

·  £7,347.0k of Major Repairs Reserve funding for Capitalised Voids and Repairs; and

·  £1,558.1k of additional departmental borrowing for the project to rehouse tenants and subsequently demolish 6 high rise blocks;

(b)  That it be noted that the above resolution to inject funding of £8,905.1k will be implemented by the Chief Officer Financial Services;

(c)  That the latest position on the General Fund and HRA Capital Programme as at Quarter 1 2024/25, as presented within the submitted report, be noted. That the current review of the existing programme to identify where schemes could be delayed to reduce debt costs and support the in-year revenue position, also be noted.