Issue - meetings

[To approve the capital budget outturn 2019-2020 including quarter one capital monitoring 2020-2021]

That Council be recommended to:

1.    Approve the revised medium term General Revenue Account capital programme of £380.8 million, an increase of £2.0 million from the previously approved programme, and the change in associated resources.

2.    Approve the revised Housing Revenue Account (HRA) capital programme of £462.2 million, a reduction of £20,000 from the previously approved programme, and the change in associated resources.

That Cabinet:

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

     i. Existing projects totalling £12.0 million;

     ii. New projects totalling £1.6 million.

2.    Approve the virements for the HRA capital programme detailed at Appendix 5 to the report for:

i.    Existing projects totalling £12.9 million.

3.    Notes the General Revenue Account outturn position for 2019-2020 which stands at 87.6% of the approved capital budget.

4.    Notes the HRA outturn position for 2019-2020 which stands at 91.8% of the approved capital budget.

5.  Notes that the Covid-19 pandemic has had an impact on development projects internationally, nationally andregionally and also on projects within the City.

Councillor Louise Miles presented the Capital Budget Outturn 2019-2020 including Quarter One Capital Monitoring 2020-2021 for approval and recommendation to Full Council. She reported that the capital programme reflected the Council’s continuing vision for the City and was a significant investment programme.  The impact of Covid-19 on the economy both locally and nationally made the programme even more essential. However, as a result of the Covid-19 emergency, the programme was subject to delays to its delivery time scales and to some projected increases in costs. She also drew to Cabinet’s attention increases to the capital programme which had been approved since the last update.

Resolved:

That Council be recommended to:

1.    Approve the revised medium term General Revenue Account capital programme of £380.8 million, an increase of £2.0 million from the previously approved programme, and the change in associated resources.

2.    Approve the revised Housing Revenue Account (HRA) capital programme of £462.2 million, a reduction of £20,000 from the previously approved programme, and the change in associated resources.

That Cabinet:

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

     i. Existing projects totalling £12.0 million;

     ii. New projects totalling £1.6 million.

2.    Approve the virements for the HRA capital programme detailed at Appendix 5 to the report for:

i.    Existing projects totalling £12.9 million.

3.    Notes the General Revenue Account outturn position for 2019-2020 which stands at 87.6% of the approved capital budget.

4.    Notes the HRA outturn position for 2019-2020 which stands at 91.8% of the approved capital budget.

5.  Notes that the Covid-19 pandemic has had an impact on development projects internationally, nationally andregionally and also on projects within the City.