Decision details

To consider the report of the Cabinet Member for Finance informing Cabinet of any major changes in the overall Capital Programme, identifying how the revised programme has been financed and identify priorities in line with the Capital Strategy.

Cabinet recommends that full Council:

(i)  Approve the revised General Fund Capital Programme, which totals £77.93M (as detailed in paragraph 4) and the associated use of resources.

(ii)  Note that the revised General Fund Capital Programme is based on prudent assumptions of future Government Grants to be received.

(iii)  Note the changes to the programme as summarised in Appendix 2 and described in detail in Appendix 3.

(iv)  Note the slippage and re-phasing as described in detail in Appendix 3.

(v)  Approve the revised Housing Revenue Account (HRA) Capital Programme, which totals £202.49M (as detailed in Appendix 4) and the associated use of resources.

(vi)  Note that the level of Direct Revenue Financing available to fund the HRA Capital Programme will need to be reviewed, in the light of Government proposals to reduce social rents over the next 4 years, and this may result in a reduction in planned capital expenditure when an updated programme is presented to Council in February 2016.

The Capital Programme is now reviewed on a quarterly basis in accordance with the Council’s Capital Strategy.  The forecast position is reported to the Council Capital Board with any required programme update reported to Cabinet and Council for approval.  This is required to enable schemes in the programme to proceed and to approve additions and changes to the programme.

The update of the Capital Programme is undertaken within the resource constraints imposed on it.  No new schemes can be added unless specific additional resources are identified.  Alternative options for new capital spending are considered as part of the budget setting process in the light of the funding available and the overall financial position.