Decision details

To approve the Capital Programme 2021-2022 to 2025-2026 Quarter Three Review and 2022-2023 to 2026-2027 Budget Strategy

That Council be recommended to approve:

1.    The revised City of Wolverhampton Capital Strategy.

2.    The revised, medium term General Revenue Account capital programme of £346.1 million, an increase of £47.7 million from the previously approved programme, and the change in associated resources.

That Cabinet approves:

1.  The virements for the General Revenue Account capital programme detailed at Appendix 5 to the report for:

     i.         existing projects totalling £9.7 million;

     ii.        new projects totalling £6.3 million.

2.  The amendments to the Collaboration Agreement in relation to the Black Country Executive Joint Committee City Deal and Growth Deal dated the 7 May 2014, the aim being to simplify the governance arrangements and reduce timeframes for project approvals.

3.    Wolverhampton Council’s entry into a Deed of Variation relating to the above Collaboration Agreement to these record changes as detailed within Appendix 6 to the report.

4.    Delegated authority to the Deputy Leader: Inclusive City Economy in consultation with the Chief Operating Officer and Directors of Regeneration and Finance to conduct any negotiations and to agree any minor amendments and to subsequently authorise the sealing of this Deed of Variation.

5.    The continued delegations to the Portfolio Holder responsible for Resources, in consultation with the Director of Finance, to approve the allocation of:

i.      The Corporate Provision for Future Programmes (previously known as the Corporate Contingency) budget to individual projects in order that corporate priorities may be addressed in an agile and timely manner;

ii.      The Transformation Development Efficiency Strategy to individual transformation projects in order to benefit from the capital receipts flexibility announced in the Autumn Statement 2015 and in line with the Medium Term Financial Strategy.

That Cabinetnotes:

1.    That description of the budget known as the Corporate Contingency was reviewed to better reflect its purpose. Therefore, it was renamed to the Corporate Provision for Future Programmes budget.

2.    That Chartered Institute of Public Finance and Accountancy (CIPFA) have published changes to the Prudential Code for Capital Finance in Local Authorities. The Capital Strategy would be reviewed over the coming months in light of these changes and an update would be provided to Cabinet and Council for approval at a future meeting.