Issue - meetings

To review the outturn statement in respect of the Council’s capital budgets for 2014 – 2015.

Cllr Andrew Johnson presented the report on the General Fund and Housing Revenue Account (HRA) capital programmes outturn position at the end of 2015/16, and an update on their financial performance as at quarter one of 2016/17. A revised General Fund and HRA capital programmes for the period 2016/17 to 2020/21 were also submitted for approval.

Cllr Andrew Johnson drew to Council’s attention a report presented to Cabinet (Resources) Panel on the Civic Halls improvement capital scheme.  During the first phase enabling works on the scheme it had been discovered that additional reinforcing of the foundations and other works would be required.  This would increase the requirement on the General Fund capital programme by £2.6 million.  Cabinet (Resources) Panel had recommended to Council that it increase the capital programme provision by that amount. This would be funded through additional borrowing that was fully funded from additional net income from the Civic Halls.

Cllr Wendy Thompson reported that the Conservative Group had supported the initial proposal relating to the Civic Halls refurbishment as well as the Council taking the risks on the i10, which had both proved beneficial to the City.  However, whilst recognising that improvement was needed to the Civic Halls and welcoming the grant from the Local Enterprise Partnership for the capital scheme, she asked for further information on the request to increase the capital programme provision for the Civic Halls improvement scheme.  Cllr Andrew Johnson referred Cllr Thompson to a link contained within the report before Council.  He also undertook to provide her with a background paper regarding the structural issues that had come to light since work commenced on the capital scheme. 

It was moved by Cllr Andrew Johnson, seconded by Cllr Peter Bilson and

Resolved:

1.     That the revised medium term General Fund capital programme of £275.2 million, an increase of £13.6 million from the previously approved programme, reflecting the latest projected expenditure for the medium term be approved.

2.     That the revised medium term Housing Revenue Account (HRA) capital programme of £249.5 million, an increase of £24.1 million from the previously approved programme be approved.

3.     That the additional resources for two new and sixty two existing General Fund projects totalling £13.6 million and for nine existing HRA projects totalling £24.1 million be approved.

4.     That the updated capital financial strategy relating to: the approval of future capital projects, the declaration of identified underspends and the use of capital receipts to either reduce the Council’s need to borrow to fund the approved capital programme or to apply the receipts on revenue reform projects under the new capital flexibility arrangements be approved.