Decision details

To consider the report of the Cabinet Member for Environment and Transport seeking approval to utilize LTP capital funding for revenue activities and the implementation of a funding swap between Local Transport Plan capital funding with on street car parking revenue funding. To allow greater funding flexibility for the implementation of transport initiatives by transferring capital funding into non-time limited revenue funding in compliance with financial regulations to fund a number of important feasibility studies or revenue initiatives. 

(i)  To agree to the principle of swapping Local Transport Plan capital funding with On Street Car Parking Account revenue funding in order to fund transport studies and initiatives.

(ii)  To approve the addition to Environment and Transport Portfolio’s revenue estimates of a Transport Initiatives Feasibility Study budget of up to £195,000 in 2009/10 and up to £500,000 in 2010/11, funded by contributions from the On Street Car Parking Account.

Our current funding processes do not allow the council to undertake important transport initiatives using Local Transport Plan Capital Funding.  Current practice for funding such work is not formalised or clearly defined. There is a need to indentify revenue funding for such initiatives.  The new processes being proposed in this report embrace the new project management process being implemented across the Council and will systematically test value for money before committing to a project.  This will lead to a capital programme which is directly and demonstrably linked to our priorities as an authority.

To continue with the existing process of undertaking feasibility has been considered and rejected.  This is because it does not allow the flexibility required to meet new challenges facing the city.  In addition an audit review of funding feasibility studies questioned the existing mechanism for funding studies where no capital asset is likely to result.

None.