Decision details

To approve matters relating to the 2016/17 capital budget as at the end of the second quarter

1.     That borrowing of £30.0 million be undertaken and a capital grant be paid of the equivalent amount to the West Midlands Combined Authority – Land Remediation Fund be approved.  This borrowing was required until the powers of the West Midlands Combined Authority (CA) were revised to enable them to borrow for non-transport related purposes.  The CA would in return pay a revenue grant to the Council to cover the borrowing costs of interest and minimum revenue provision.

2.     That the additional General Fund resources of £3.4 million be approved for;

i.     nine new projects totalling £1.9 million.

ii.    i54 Western Extension, a new project, of £1.5 million.